Indonesia-based digital investment platform Bibit has raised US$30 million in fresh funding to expand its robo-advisory platform and other services.
Sequoia Capital India joined existing investors East Ventures, EV Growth and 500 Startups in the round.
Launched in 2019, Bitbit’s robo-advisory platform enables users to build customised portfolios based on their risk profiles and investment goals. It was originally launched as Stockbit, a platform for investment news and for investors to share strategies in real-time, before rebranding and pivoting to provide automated investment services.
In a statement released by Bibit, CEO Sigit Kouwagam said the startup has experienced a high growth rate since its launch, with more than a million first-time investors joining in 2020.
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With 90 per cent of Bibit users being millennials and new investors, Kouwagam remarked the growth is a consequence of increased financial literacy and a renewed focus on personal finance management among the younger generation.
Data from Indonesia Stock Exchange and Central Custodian showed that the number of retail investors in the country grew by 56 per cent year-on-year in 2020, with growth mainly driven by millennials, who accounted for 92 per cent of new investors.
“Consumers across the world are moving their savings from low-yielding assets like gold and real estate to higher-yielding financial products,” said Rohot Agarwal, VP of Sequoia India.
“In Indonesia, Bibit has become the most trusted platform for millions of consumers with its well-balanced portfolio that offers the best risk-adjusted returns,” he added.
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Image Credit: Photo by Chris Liverani on Unsplash
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