Indonesia-based wealth management platform developer Pluang has completed a $55m series B round featuring corporate investors Susquehanna International Group (SIG), Gojek and United Overseas Bank (UOB), The Jakarta Globe reported yesterday.
The latest $35m tranche of the round was led by Square Peg Capital and the wider round was filled out by venture capital firm Openspace.
Ride hailing service Gojek and financial services group UOB invested through Go-Ventures and UOB Venture Management respectively, while SIG appears to have participated directly.
Founded in 2019, Pluang has built a mobile app which gives retail investors access to gold, mutual fund, crypto assets and Micro-E Index futures through micro-investments with low initial commitments. The funding will be used to bring new products to market and grow its team and customer base.
Pluang currently has nearly 3 million registered users – for which it has spent less than $3m in marketing costs – and is looking to capitalise on the ability to educate users to create a more financially literate customer base.
Openspace Ventures led the round’s $20m first tranche in March 2021 with participation from Go-Ventures, which had previously led the company’s $3m series A round in September 2019.
