Pluang co-founders Claudia Kolonas (L) and Richard Chua
Indonesia’s wealth tech startup Pluang announced today that it has added US$55 million more to its ongoing Series B round of financing, led by Accel Partners.
BRI Ventures, alongside existing investors Square Peg, Go-Ventures, UOB Venture Management, and Openspace Ventures, also co-invested.
Other investors who joined the round include Axie Infinity co-founders Trung Nguyen, Andy Ho, Aleksander Leonard Larsen, and Jeffrey Zirlin; ex-LearnVest CEO Alexa von Tobel; Pismo CTO Daniela Binatti; Monzo COO Sujata Bhatia; Public.com co-CEOs Jannick Malling and Leif Abraham; FalconX CEO Raghu Yarlagadda; Flink CEO Sergio Jimenez; The Chainsmokers; and Gold House.
Also Read: Pluang raises additional US$35M, bringing total funding this year to US$55M
The new infusion comes barely four months after Pluang bagged US$35 million in the round. With this, the total Series B investment raised by the company has touched US$110 million.
The fresh capital will be used to continue building its technology and expanding its offerings to more asset classes, such as Indonesian stocks and more global equities. Pluang also has plans to expand its services to other Southeast Asian countries.
Founded by Claudia Kolonas and Richard Chua while at Harvard Business School, Pluang provides easy access to micro-savings and micro-investment products in Indonesia. By logging into its mobile app, users can check or top up their accounts, make transactions or cash out anywhere anytime. Users can make micro-savings as low as ~US$0.50.
Also Read: Digital micro-savings startup Pluang raises US$3M, becomes the latest Go-Ventures’ portfolio
Pluang offers gold, US equity indices and cryptocurrencies.
Currently, the wealth tech firm claims it has over four million registered users in the archipelago. Between January 2020 and November 2021, Pluang posted a 22x growth in monthly transacting users.
Last March, Pluang announced a US$20 million pre-Series B round led by Openspace Ventures, with participation from Go-Ventures. Two years earlier, the startup bagged US$3 million in Series A funding.
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