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Digital investment app Bibit raises over US$80m to further tech development

Digital investment app Bibit raises over US$80m to further tech development

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Indonesian digital investment app, Bibit, has raised more than US$80 million in a funding round led by global investment firm GIC, joined by technology investor Prosus Ventures and other existing investors.

The funds raised will be used to launch new products and services, tech development, and acquire top talent from the country. In addition, it will also be channelled into strengthening the company’s financial education programmes to create an investing-aware culture among the general public.

According to Bibit, the company has achieved several milestones in 2021, such as the launch of Stockbit Sekuritas, the e-IPO feature that enables users to participate in an online IPO process, and the Stockbit Academy which provides complimentary stock market education from financial mentors. Additionally,  Bibit was appointed by the Ministry of Finance Republic of Indonesia as a Distribution Partner to sell the Government Securities early this year. 

"We believe that everyone deserves a better future. We are here to enable Indonesians to participate in the capital market and help people achieve their financial goals through the right investment. We are thrilled to welcome GIV as a new investor and delighted to have the support from our existing investor partners to accelerate this mission," Sigit Kouwagam (pictured left), CEO and co-founder of Bibit said. 

Bibit was launched by Stockbit in 2019, a social network and platform for investors to share stock-investing ideas, news and information. To date, according to the firm, Bibit has enabled millions of investors, mostly Millennials and first-time investors, in 500 cities across the archipelago to build investment portfolios based on risk profiles and investment goals. Backed by investors such as East Ventures, the robo-advisary investment app focuses on building innovative products and services to democratise investing in the country's capital markets, as well as enabling investors to invest in diversified asset classes. 

Additionally, Stockbit is one of East Ventures' portfolio companies. Just this month, the Indonesia-focused venture capital firm raised a total of US$550 million in the final close of its latest funds to focus on Indonesia and Southeast Asia startups. US$150 million will be allocated for early-stage deals, while US$400 million will be channeled to growth-stage deals. 

Related articles:
East Ventures raises US$550m to focus on SEA startups 

 

 

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