The Bibit team
Indonesia-based digital investment app Bibit today announced that it has raised “more than” US$80 million in a funding round led by GIC, with the participation of Prosus Ventures and other existing investors.
This funding round followed a US$65 million funding round that the company announced in May 2021.
In a press statement, Bibit said that it will use the funding to support the launch of new products and services, develop its tech, acquire top talent from the
Indonesian market, and strengthen its financial education programmes –created to foster greater financial literacy in the country.
As one of the earlier robo-advisory investment apps in Indonesia, Bibit said that it has enabled millions of investors in 500 cities across the archipelago to build
investment portfolios based on their risk profiles and investment goals in a safe, simple and seamless way.
Also Read: Indonesian stock trading platform Stockbit to acquire local brokerage firm
The platform specifically targets mostly millennials and first-time investors.
Prior to launching Bibit in 2019, the company has been known for launching Stockbit, a platform for investors to share stock-investing ideas, news, and
information in real-time.
While the Bibit app focuses more on mutual funds and state securities, the Stockbit app focuses more on stocks.
The company has achieved several milestones in the past year, including the launch of Stockbit Sekuritas, an e-IPO feature that allows users to participate in a 100 per cent online IPO process. It has also launched Stockbit Academy which provides stock market education from experienced financial mentors for free and is appointed by the Ministry of Finance Republic of Indonesia as a Distribution Partner to sell the Government Securities (SBN) in early 2022.
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Image Credit: Bibit
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