How Ajaib’s $100m banking bet plays into its super-app ambitions

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What are the similarities between Indonesia’s Ajaib and the US’ Robinhood?

Both count DST Global and Ribbit Capital as investors, and both have ambitions to become a financial super app.

Ajaib, an investment app, has spent around US$100 million to bump up its stake in publicly-listed Bank Bumi Arta. The startup is now the largest stakeholder in the bank – a signal of its ambitions to rule the digital banking space.

While Ajaib’s offering is a trading app for stocks and mutual funds, the integration with a bank could broaden its user base beyond millennials and Gen Zs, increase user retention, and improve its chances of breaking even.

In this week’s Big Story, my colleague Aditya dives into the significance of Ajaib’s position as the single largest shareholder of Bank Bumi Arta and how that plays into its super-app plans.

Meanwhile, Simon breaks down Stripe’s big push into crypto payments – for a second time – which has the potential to unlock broader access to the mainstream. Read on to find out more.

— Samreen

THE BIG STORY

Behind Ajaib’s $100m aspiration to become a digital bank

Image credit: Timmy Loen

Investment platform Ajaib’s move into digital banking signals its ambition to become a financial super app.

THE HOT TAKE

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