Indonesian digital investment platform Bibit raised more than $80 million in a funding round led by Singapore sovereign wealth fund GIC Private Limited (GIC), joined by Prosus Ventures and other existing investors, according to a statement on Wednesday.
In February 2022, DealStreetAsia had first reported about the development stating that the firm is in talks with investors, including Singapore’s sovereign wealth fund GIC to raise capital.
The funds will be used by Bibit to launch new products and services and develop its technology, besides acquiring new talent and strengthening the company’s financial education programmes.
Bibit, launched in 2019, is owned by Stockbit, a stock investing platform for millennials in Indonesia.
While the startup was established to enable investors to share trade ideas, news, and information, it now acts as a robo-advisor that helps first-time investors to invest in mutual funds and build portfolios suited to their risk profiles and investment goals.
Robo-advisors are digital platforms that offer consumers automated, algorithm-driven financial planning services with minimum human supervision.
Bibit last raised $65 million led by Sequoia Capital India in May 2021. The round was joined by new investors Prosus Ventures, Tencent, and Harvard Management Company, besides existing backers such as AC Ventures and East Ventures.
Before that, the startup secured $35 million in January last year.
Last year, Bibit launched Stockbit Sekuritas, an e-IPO feature that allows users to participate in the public listing process online.
The number of mutual fund (MF) investors in Indonesia has witnessed significant growth over the past few months. In the January-April period this year, the number increased over 80% to stand at 7.95 million. Meanwhile, the number of stock investors during the said period grew 66.7% to 3.83 million, according to IDX and Central Custodian Data.