7/5/2019 – Stockbit, the Indonesian based stock investing mobile app created for millennials announces that it has secured an undisclosed amount of funding from a series A.
The fund was led by East Venture, the early stage venture fund focusing on Southeast Asia claimed to be the most active venture capital in Indonesia.
The series A funding was joined by new investors such as Convergence Ventures, FreakOut, and several notable angel investors. The series also sees a comeback of existing backers 500 Startups, Ideosource and Braavos Ventures.
Founded in 2013 as a social networking site for investors, now the application has grown to include stock trading and information aggregation while mainly targeting the millennials of Indonesia.
Following the acquisition of mutual fund seller Bibit earlier this year, Stockbit has relaunched it as a robo-advisor app. With as low as $1, users can start building a portfolio by optimizing their investments.
“Despite its lucrative return, first-time traders in Indonesia are still somehow intimidated to make an investment in the capital market due to lack of knowledge, lack of access to high-quality wealth managers, and high fees of professional advisory services. They often faced difficulties to navigate around the fast-changing nature of the stock market. With Stockbit, we aim to make investment easy and optimal for everyone,” said Wellson Lo, Stockbit CEO.
Indonesia sees a 40 percent year-on-year growth on the number of retail investors in 2018 which were mainly contributed by the millennials where 70 percent of the new investors aged 21 – 40 years. The statistics were obtained from IDX data.
Stockbit aims to provide financial products and services to larger demography in Indonesia, breaking the stereotype where only the top 1 percent have access to smart financial services which provide transparency and convenience.
East Ventures partner Melisa Irene, says, “Stockbit has successfully established its position as an important player in the capital market industry by creating a platform that consolidates important information required for investment decision-making. By doing so, Stockbit helps to reduce the information asymmetry between the market, professional traders and also newcomers.
“We are confident that the Stockbit team will be able to execute its mission to help Indonesia achieve higher participation of individuals to the capital market, in a way that helps them maximize their profit.”
This news is published on Reuters.