SoftBank-backed investment app nets $90m in round led by Robinhood investor

Ajaib, an Indonesia-based investment platform, announced that it has raised US$65 million in an extended series A round led by Ribbit Capital. This is in addition to the US$25 million first close of the round in January.

The fintech company claims that the total amount makes it the largest series A round in Southeast Asia.

Users checking out the Ajaib app / Photo credit: Ajaib

Y Combinator Continuity, Iconiq Capital, Bangkok Bank, and existing investors such as Li Ka-Shing’s Horizons Ventures, SoftBank Ventures Asia, Alpha JWC Ventures, and Insignia Ventures, also participated in the round.

Launched in 2019, Ajaib allows its users to trade stocks and invest in mutual funds through its online platforms Ajaib Sekuritas and Ajaib Reksadana, respectively. The company is similar to Robinhood in the US.

Ribbit Capital, meanwhile, led Robinhood’s US$3.4 billion financing round in early February 2021. The venture capital firm is also an early investor in other big fintech startups such as Coinbase, Affirm, and Revolut. Ajaib is Ribbit’s first investment in Southeast Asia.

“Ribbit advises us on key strategic topics to ensure we sustainably grow as a category defining leader, such as Nubank (Brazil) and Toss (Korea), who positively contribute to the country’s financial ecosystem,” Yada Piyajomkwan, Ajaib’s chief product officer and co-founder, told Tech in Asia.

Ajaib plans to use the fresh capital to strengthen its investment in product development and engineering capabilities.

See also: The fintech players putting Indonesia on the map

The investment platform says that it has processed over 10 million transactions in the past four months, making Ajaib the fourth-largest stock brokerage in Indonesia by number of trades. It has been registered with and supervised by the financial services authority OJK and the Indonesia Stock Exchange.