Doris Yu · · 2 min readSoftBank-backed investment app Ajaib nets $25m from Li Ka-shing’s VC firm
Ajaib Group, an investment platform in Indonesia, announced that it has secured US$25 million in a series A round led by Li Ka-shing’s Horizons Ventures and Alpha JWC Ventures.
Existing investors SoftBank Ventures Asia, Insignia Ventures Partners, and Y Combinator also participated in the round.
Photo credit: Ajaib Group
Launched in 2019, Ajaib provides stock trading and mutual fund services through online stock trading platform Ajaib Sekuritas and online mutual funds platform Ajaib Reksadana. Currently supporting over 1 million users monthly, the firm is registered and supervised by the financial services authority OJK and Indonesia stock exchange IDX.
The company graduated from the 2018 Y Combinator batch and closed US$2.1 million in a seed round led by SoftBank Ventures in January 2019.
Ajaib plans to use the fresh capital to expand its technology infrastructure, recruit engineering talent, and deepen its product offerings.
Part of the capital will also be invested to support Ajaib’s MentorInvestasi education campaign to support the Indonesian government’s effort to educate millennials on investing and financial planning.
See also: This CEO is building the “Google Play of financial services” for Indonesia
“The investment sector in Indonesia is still underserved, and one of the reasons is lack of accessibility,” said Jefrey Joe, managing partner at Alpha JWC Ventures. Moving forward, Ajaib plans to launch several new offerings and expand its investment education campaigns targeted toward millennials.
Editing by Miguel Cordon and Jaclyn Teng
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