Ajaib is an Indonesian investment app focused on making stock investing accessible to first-time and millennial investors through low-fee trading and mutual funds. Founded in 2019 by Anderson Sumarli and Yada Piyajomkwan, the company says it runs the fourth largest stock brokerage in Indonesia by number of trades. Ajaib announced a $25 million first closing of its Series A in January and has now extended that round. The extension added $65 million, bringing the Series A total to $90 million. The new capital will be used to expand product development and engineering capabilities. Ajaib competes with other local investment apps such as Pluang, Bibit and Bareksa as retail stock ownership in Indonesia grows. Ajaib Group is a mobile-first investment platform launched in 2019 that targets millennials and first-time investors with low-fee stock trading and mutual funds. Its product suite includes Ajaib Sekuritas for stock trading and Ajaib Reksadana for mutual funds, with in-app education, a community feature, and no minimums to open an account. The company claims one million monthly users and says Ajaib Sekuritas became the fifth-largest stock brokerage in Indonesia by number of trades seven months after launching in June 2020. Founders Anderson Sumarli and Yada Piyajomkwan built the app to simplify investing and encourage small, repeat investments. Ajaib has raised a total of $27 million to date, including a $2 million seed in 2019 and the newly announced $25 million Series A. Near-term plans include an educational campaign with the government (#MentorInvestai), expanding tech infrastructure and products, hiring engineers, and focusing on deeper penetration in Indonesia while keeping open regional expansion. Ajaib is an online investment platform that launched earlier this month to offer easy access to personal investments for Indonesians, with a focus on younger users. The platform offers mutual fund products covering stocks, fixed income, and money market instruments and provides investment advice via a mobile application that lets users invest and adjust contributions. Ajaib says it combines financial experts with technology-enabled analysis and is registered with Indonesia’s Financial Services Authority (OJK); it also partners with banks and fund managers. The two co-founders have backgrounds in financial consulting and analysis—CEO Anderson Sumarli previously worked as a data expert at IBM, and CMO/co-founder Yada Piyajomkwan was a consultant at McKinsey—and they entered Y Combinator’s incubation programme in 2018 before establishing Ajaib. The company raised US$2.1M in a seed round and intends to use the funding to improve its platform and build an investment solution tailored to customers’ needs. Ajaib positions itself to serve beginner investors who generally have limited time, funds, and investment knowledge and aims to encourage earlier investment among Indonesia’s middle class.

Total raised

$92M

Funding rounds

3

Latest round

Series A

Latest activity

Mar 2021