Aditya Hadi Pratama · · 1 min readIndonesian investment unicorn bumps up stake in local bank to 40%
Ajaib, an Indonesia-based investment app, has increased its ownership in publicly listed Bank Bumi Arta from 24% to 40%. The transaction made it the single largest shareholder of the bank.
Photo credit: Ajaib
The fintech firm has bought 443.5 million shares of the bank from the latter’s investors such as Surya Husada Investment, Dana Graha Agung, and Budiman Kencana Lestari at around US$0.094 per share. It spent 597 billion rupiah (around US$41.6 million) as part of the deal.
Ajaib bought 554 million shares in Bank Bumi Arta for US$52.2 million in November last year. A month later, it purchased another 111 million shares for US$10.4 million.
With these transactions, the startup has spent roughly US$104.2 million for its 40% stake in the bank.
Read also: Why Indonesia’s tech giants find digital banks irresistible
Founded by Anderson Sumarli and Yada Piyajomkwan in 2019, Ajaib enables its users to trade stocks and invest in mutual funds through Ajaib Sekuritas and Ajaib Reksadana, respectively. In October 2021, it joined the unicorn club after a US$153 million fundraise led by DST Global.
The company also counts SoftBank Ventures Asia, Ribbit Capital, Horizons Ventures, Alpha JWC Ventures, and Insignia Ventures Partners as investors.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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