Mobee, an Indonesian digital assets and securities exchange, has announced raising fresh funding led by Southeast Asian venture capital firm 1982 Ventures and strategic Indonesian family offices and individuals.
The announcement did not disclose the amount that Mobee raised in the round. The startup said it will use the fresh capital to expand operations, launch new products, and hire more talent from the financial services and digital assets industry.
Mobee’s filing with Indonesian regulators showed that it has a total paid-up capital of 100.4 billion rupiah (about $6.7 million). DealStreetAsia has reached out to Mobee for more details about its latest funding.
Founded in 2022 by Andrew Tjahyadikarta and Jeff Pradana, Mobee partners with qualified investors, family offices, and institutional clients seeking digital asset adoption and wealth creation.
1982 Ventures founding managing partner Herston Powers said the startup “fills a massive gap” in one of the fastest-growing segments in financial services in Indonesia. “Mobee is the only Indonesian licensed crypto exchange with the platform to serve the largest and most active investors with institutional-grade products,” Powers said.
Along with the funding announcement, Mobee also said that it has obtained a licence to operate a digital asset exchange in Indonesia from BAPPEBTI, the country’s regulatory body for trading digital assets.
The licence officially makes Mobee the first licensed digital exchange in the country to focus on qualified investors, family offices, and institutional clients.
“Our focus is to bring key players and businesses in Indonesia on-chain and provide them the level of service, trust, and security they are accustomed to as they begin to allocate more capital to digital assets,” said CEO Tjahyadikarta.
BAPPEBTI said Indonesia’s crypto market grew 50% last year, with nearly 17 million registered users. Mobee said the Indonesian crypto annual trading volume will likely reach over $100 billion by the end of next year.
The crypto market reached an inflection point in 2018, when the number of crypto trading accounts in Indonesia exceeded, for the first time in history, the number of stock-trading accounts.
As of June 2022, there are around 15.1 million crypto investors in the country and total crypto trading transactions in the first half of 2022 reached 212 trillion rupiah ($14.1 billion), show BAPPEBTI data. In 2021, transaction value was 859.4 trillion rupiah ($57.4 billion), skyrocketing by 1,222% year-on-year.