Aditya Hadi Pratama · · 2 min readGojek-backed investment app gets $55m more in series B money
Pluang, an Indonesia-based investment app, has raised an additional US$55 million in its series B round led by Accel, with participation from BRI Ventures. Existing investors such as Square Peg, Go-Ventures, UOB Venture Management, and Openspace Ventures also joined the round.
The deal is a follow-on to the US$55 million series B fundraise that Pluang secured last year. This brings the total investment in the round to US$110 million, and US$113 million since the company’s inception.
Pluang co-founders Richard Chua (left) and Claudia Kolonas / Photo credit: Pluang
Founded in 2019 by Richard Chua and Claudia Kolonas, Pluang allows users to buy various asset classes, including gold, cryptocurrencies, mutual funds, and index futures of US stocks. It currently has more than four million registered users in Indonesia, and it experienced a 22x growth in monthly transacting users between January 2020 and November 2021.
With the fresh funds, the investment app plans to continue building its technology and expanding its offerings to more asset classes, such as Indonesian stocks and more global equities. It also intends to expand its services to other Southeast Asian countries in the near future.
However, Pluang did not disclose the first target of its expansion plans, and it did not specify whether it will enter the new country by itself or through partnerships with local financial institutions. Instead, the company told Tech in Asia that it believes in “the power of partnerships and relationships.”
“This is what made us very different from competitors, as we owe a lot of our success to our incredible super-app partners such as Gojek, Tokopedia, Bukalapak and Dana,” Pluang said in a statement.
The company currently has more than 250 employees, which it aims to double in the short term.
Other investors in this round include:
- Axie Infinity founders Trung Nguyen, Andy Ho, Aleksander Leonard Larsen, and Jeffrey Zirlin
- Former LearnVest CEO Alexa von Tobel
- Pismo CTO Daniela Binatti
- Monzo COO Sujata Bhatia
- Public.com co-CEOs Jannick Malling and Leif Abraham
- FalconX CEO Raghu Yarlagadda
- Flink CEO Sergio Jimenez
- The Chainsmokers
- Gold House
Editing by Collin Furtado and Lorenzo Kyle Subido
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