Indonesia-based online investment platform developer Ajaib has increased a series A round featuring telecommunications and internet group SoftBank to $90m, TechCrunch reported yesterday.
Venture capital firm Ribbit Capital led the $65m extension, which included SoftBank subsidiary SoftBank Ventures Asia, financial services firm Bangkok Bank, Y Combinator Continuity, Iconiq Capital, Horizons Ventures, Alpha JWC Ventures, Insignia Ventures and angel investors David Velez and SG Lee.
The extra funding came in the wake of a $25m close in January this year co-led by Horizons Ventures and Alpha JWC Ventures and backed by SoftBank Ventures Asia, Insignia Ventures Partners and Y Combinator.
Ajaib has formed an online platform where users can buy and sell stocks and shares. It will channel the series A proceeds into product development and strengthening its engineering capabilities.
Micky Malka, managing partner of Ribbit Capital, said in a statement cited by TechCrunch: “We are witnessing an unprecedented revolution in retail investing around the world.
“Ajaib is at the forefront of this revolution and is on their way to building the most trusted brand in the market. Their commitment to bring transparency and serve Indonesia’s millennial investors with the best products is at par with the best companies worldwide.”
SoftBank Ventures Asia had previously joined Y Combinator, Alpha JWC, Insignia Ventures Partners and an unnamed individual to supply $2.1m in seed capital for the startup in early 2019.
