Gabriel Budi Sutrisno · · 1 min readGIC leads $80m funding into Indonesia’s Bibit
Indonesia-based investment app Bibit has raised over US$80 million in a funding round led by GIC, with participation from Prosus Ventures and other existing investors. The stage of the fundraise was unspecified.
Photo credit: Bibit
Launched by Stockbit in 2019, Bibit is a mutual fund robo-advisory investment app targeting mostly millennials and first-time investors. The company said it has reached millions of investors from 500 cities across the country.
The number of mutual fund investors in Indonesia grew 80.3% to over 7.9 million year-on-year in April, while the number of stock investors grew 66.7% to 3.8 million in the same period, according to data from the Indonesia Stock Exchange and Central Custodian that Bibit cited.
More than half of the investors contributing to the growth use Bibit and Stockbit as their investment apps, the company said.
See also: Ajaib, Stockbit drive Indonesia’s stock-trading boom
Bibit will use the fresh funds to launch new products and services, develop its tech, acquire local talent, and strengthen the company’s financial education programs for the public.
Last year, Bibit bagged US$65 million in a funding round led by Sequoia Capital India and US$30 million in an earlier round participated by Sequoia, East Ventures, EV Growth, AC Ventures, and 500 Startups.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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