Bibit, a Jakarta, Indonesia-based provider of digital investment apps, raised over USD80M in funding.
The round was led by GIC Private Limited and Prosus Ventures.
The company intends to use the funds to develop the technology, to launch products and services, acquire talent from the country, and strengthen its financial education programs to create an investing-aware culture among the general public.
Led by CEO Sigit Kouwagam, Bibit is a digital investing app with a robo-advisory service that helps first-time investors invest in mutual fund products. To date, it has enabled millions of investors – mostly millennials and first-time investors – in 500 cities across the archipelago to build investment portfolios based on their risk profiles and investment goals in a safe, simple and seamless way. The company has achieved several milestones in the past year, including:
- the launch of Stockbit Sekuritas, e-IPO feature that allows users to participate in a 100% online IPO process, and Stockbit Academy, providing stock market education from experienced financial mentors for free, and
- being appointed by the Ministry of Finance Republic of Indonesia as a Distribution Partner to sell the Government Securities (SBN) in early 2022.
Bibit is licensed as a Mutual Funds Selling Agent under the supervision of the Financial Services Authority (OJK).