Aditya Hadi Pratama · · 1 min readIndonesian stock trading app Stockbit acquires local brokerage firm (Updated)
Update (Nov. 24, 11:00 a.m. SGT): This article was updated to include news about the acquisition.
Stockbit, a stock trading app based in Indonesia, won approval from the Financial Services Authority to acquire Mahakarya Artha Sekuritas, a local brokerage firm that has been operating since 1989. The fintech firm will rebrand the brokerage to Stockbit Sekuritas.
Stockbit app / Image credit: Stockbit
Through the deal, existing and new users of Mahakarya Artha Sekuritas can open stock accounts and trade in the Indonesian Stock Exchange via the Stockbit app. Both companies announced a tie-up in August this year.
This announcement comes several months after Stockbit’s partnership with Sinarmas Sekuritas came to an end. The termination meant that Stockbit’s users could no longer enjoy stock trading service provided by the brokerage, which is backed by Indonesian conglomerate Sinarmas. Users who want to continue using the service now have to access SimInvest, a newly launched app by Sinarmas Sekuritas.
Founded in 2012, Stockbit’s core offering is an analytics tool for traders with social media features. In 2019, the company acquired a mutual fund investment app and relaunched it as Bibit, which received US$95 million in funding from Sequoia Capital India, Tencent, Prosus Ventures, East Ventures, and AC Ventures in January and May this year.
Editing by Collin Furtado, Eileen C. Ang, and Lorenzo Kyle Subido
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