East Ventures Funds Indonesian Robo Trading Platform Lubna

Thu May 2, 2019 - 6:43am UTC
Lubna 2

Lubna 1

2/5/2019 – The Jakarta headquartered robo trading platform has raised an undisclosed amount of seed funding from East Ventures. The fresh funds will be used to support R&D efforts, expand its analyst team and pushes for a product launch.

Founder of Lubna, Kevin Cahya conceived the idea of building an automated trading platform when he was a full-time employee who struggled to juggle multiple trading profiles back in 2015.

“It’s almost impossible for retail investors who have a full-time job to achieve maximum profit as we are unable to monitor our portfolios all the time. I see many retail investors, especially novices, having difficulties to achieve positive returns due to the lack of exposure and knowledge in investment. Robo trading is what we see as the solution,” Kevin said in a statement.

The platform employs bots to automate trading activities for novice traders using tested algorithmic systems. While professional traders can earn extra cash using the platform’s automated trading strategies and lending those strategies to the novice traders.

Serving only cryptocurrency assets during its early operations, the platform currently serves multiple financial assets including forex and commodities.

“Lubna is at a great position to accelerate the participation of young population to invest, and its vision to assist users to trade with ease will be a key advantage for Lubna to be the first successful crypto robo-trading in the region,” said Melisa Irene, a Partner at East Ventures.

East Venture is an early seed startup with a profile with mostly technology startups based in the Asia Pacific area, with a greater focus on Indonesia.

Incidentally, Lubna announces that the company’s co-founder Eddy Hartanto will be joining the team as chief technology officer while Arthur Soerjohadi will be joining as an advisor. Hartanto was previously a senior software engineer at US firm Rearden Commerce while Soerjohadi served as a country director for Marvell Semiconductor Indonesia.

This news is published on Reuters.

Lo Jia Thong is a writer that writes about the latest announcements on venture capitals and startups from Southeast Asian countries.