Ajaib sees 50% boost in retail investors in 7 months despite sluggish market

Photo credit: Ajaib

Ajaib, an Indonesian investment platform, said it recorded 3 million retail investors for its stock and crypto products in the first half of 2023, a 50% increase from November last year.

The growth comes despite the sluggish market for stocks and crypto in Indonesia. In a statement, the SoftBank-backed company attributed the growth to its Ajaib Prime priority service and 30 new features on its platform.

Ajaib also mentioned that the increase in IPOs on the Indonesia Stock Exchange in recent years has driven transactions and the number of retail investors interested in investing.

Although crypto has been a weak segment, Ajaib said there was bull market momentum in March, when the firm’s Bitcoin transactions increased by 600% between March 17 to March 19.

This momentum coincided with Ajaib’s move to remove transaction fees for purchases and sales involving Bitcoin in the same month. It launched its crypto trading platform in June last year.

In November, the company laid off 8% of its staff “to ensure the company’s readiness to face uncertain macroeconomic conditions.”

Ajaib achieved unicorn status in November 2021 after securing a US$153 million series B funding round led by DST Global.

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