Indonesia-based investment app developer Ajaib has secured $25m in a series A round featuring SoftBank Ventures Asia, a corporate venturing arm of internet and telecommunications group SoftBank, TechCrunch reported on Monday.
Venture capital firms Horizons Ventures and Alpha JWC Ventures co-led the round, which also featured Insignia Ventures Partners and Y Combinator.
Founded in 2019, Ajaib provides online stock brokerage services aimed at millennials and first-time investors in Indonesia. Its mobile app, which launched in June 2020, allows for the buying and selling of stocks, exchange traded funds and mutual funds.
Yada Piyajomkwan, co-founder and chief operating officer of Ajaib, told TechCrunch: “Ajaib was built with regional aspiration, having two founders from the two biggest capital markets in Southeast Asia, Indonesia and Thailand.
“But for the immediate term, we are focused on Indonesia as investment penetration is still low and there are many more millennial investors we can serve.”
SoftBank Ventures Asia, Y Combinator, Alpha JWC, Insignia Ventures Partners and an undisclosed private investor had co-led a $2.1m seed round for the startup in February 2019.