Jakarta. Pluang, a leading wealth-tech start-up in Indonesia, announced the close of its $55 million round, which added an additional $35 million to the $20 million raised in March.
The oversubscribed round was led by Square Peg, with participation by SIG, UOB Venture Management and existing investors, including Go-Ventures and Openspace Ventures.
“We have been fortunate to double down on Pluang in every funding round making it one of our core portfolio holdings. We continue to be impressed by Pluang’s product innovation, best-in-class unit economics, and growth. We look forward to working with the team closely in the years to come,” Aditya Kamath, partner of Go-Ventures, said.
The additional funding will allow the company to accelerate proprietary products to market for its growing customer base and hire best-in-class talent to continue on its mission of helping everyone experience the thrill of investing wisely.
Currently, Pluang offers Indonesian retail investors the ability to invest in gold, Micro E-Mini Index Futures, mutual funds and crypto asset.
Pluang has the broadest suite of asset classes on offer in Indonesia among other wealth-tech start-ups. Pluang allows users to make micro-savings and micro-investing contributions (from as low as ~$0.50) across asset classes, all within one app, ensuring an easy and frictionless experience. Diversification is key to reducing risk for users when first learning to invest, and Pluang is at the forefront of making this experience seamless.
Pluang’s Founders – Claudia Kolonas and Richard Chua – were inspired to start the company by a Harvard Business School class called Business at the Base of the Pyramid, which they attended while doing their MBA degree. Claudia is a veteran in the financial services industry in Indonesia, and Richard is a serial-entrepreneur in the education space, with prior experience at Google and Bain. Since its inception in 2019, Pluang has amassed almost 3 million registered users while remaining incredibly capital efficient, with less than $3 million of marketing spending to date.
Indonesia as a country has very low financial literacy. Pluang puts a strong emphasis on educating its customers on investing and long-term wealth creation. The company believes financial education requires a joint effort and works with ecosystem partners with large existing user bases to make a difference in educating users.
The company has been selected to provide mini-apps within large ecosystems - including Gojek, Dana and Bukalapak, with several more in the pipeline.
“We have been impressed with Claudia and Richard’s vision to democratise access to wealth creation opportunities for all Indonesians, and their sense of responsibility to improve financial literacy in Indonesia," Tushar Roy, Partner, Square Peg said.
The team combines deep knowledge of the Indonesian market with knowledge of wealth management and education, and we are excited to see what they bring to market next.