Fintech startup Pluang raises US$3M series-A funding led by Go-Ventures

Thu Sep 12, 2019 - 4:57am UTC
Pluang 2

Pluang 1

12/09/2019 – Indonesian fintech startup Pluang announces on Tuesday via a press release, that the company has raised more than US$3M in a series-A funding led by Go-Ventures. Go-Ventures is the venture capital arm of Gojek, the Indonesian ride-hailing unicorn.

Aditya Kumar, VP of Investments of Go-Ventures, commented, “Indonesia is the fourth most populous country in the world, and over 50% of that population does not have access to bank accounts. Even fewer have access to formal investment and savings channels.

“We are strong believers in Pluang’s mission to democratize access to financial services in Indonesia. We are impressed by the team’s unique ability to create innovative, and fully compliant micro-savings products for all Indonesians and are excited to be part of Claudia and her team’s journey.”

Claudia Kolonas, Founder of Pluang, adds, “In terms of investment solutions, Indonesians are underserved, and there is a lack of access to financial products that have people’s interest at heart. We want to help Indonesian consumers see that better possibilities exist for growing their savings.”

“Whether coming from privilege or from the base of the pyramid, everyone deserves access to a better financial product that can ensure a brighter future.”

Following the injection of fresh funds from Go-Ventures, Pluang is looking to launch two new products, US dollar savings and fixed return product. On top of focusing on marketing, product development, and technology improvements.

The startup’s current and only flagship product is gold savings, where buyers can start investing in gold starting from 0.01 grams (roughly $0.50). The gold is kept in a government-backed institution through the official Indonesian commodities exchange and provides real-time liquidity.

Pluang, meaning “opportunity” in its native Indonesian language, expressed that its ultimate mission is to democratize investment and savings activities in underserved Indonesian community – where less than half of the adult population have no access to banking – by promoting digital micro savings services. Pluang is also working closely with local regulators in order to achieve its goal.

The fintech company has previously received funding from Celebes Capital dan PT Catur Kusuma Abadi Sejahtera.

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.