(Photo courtesy of Pluang)
Pluang Raises $55 Million in Funding Led by Accel
JANUARY 12, 2022
Jakarta. Pluang, a Jakarta-based wealth tech app, has raised $55 million in a funding round led by American venture capital firm Accel, the company announced on Wednesday.
The $55 million is part of Pluang’s series B, bringing the total funding the company had raised last year to $110 million.
Backing the recent funding round were Axie Infinity founders Trung Nguyen, Andy Ho, Aleksander Leonard Larsen, and Jeffrey Zirlin. As well as ex-Learnvest CEO Alexa Von Tobel, Pismo’s Daniella Binatti. Public.com co-CEOs Jannick Malling and Leif Abraham, FalconX CEO Raghu Yarlagadda, Flink CEO Sergio Jimenez, the Chainsmokers, Gold House, and BRI Ventures also chipped in.
It also saw participation from Pluang’s existing investors, namely Square Peg, Go-Ventures, UOB Venture Management, Openspace Ventures. According to Pluang Co-Founder Claudia Kolonas, the new funding will enable the company to further expand access to investments for Indonesians, regardless of their background and income.
“Providing easy access using digital means to various investment products is the key in boosting financial literacy and inclusion in Indonesia and Southeast Asia,” Claudia said in a press statement on Wednesday.
She added, “with this funding, our team can boost the momentum and provide the necessary tools, resources, knowledge, as well as insight to help more people unlock long-term wealth.”
Pluang also seeks to use the recent funding for Southeast Asia expansion, in a bid to promote financial literacy and inclusion in Asia.
Accel partner Andrew Braccia said, “we are delighted to support Pluang on their mission to provide products that open up access to investment for the people, and boost financial inclusion not only in Indonesia, but also Southeast Asia.”
Pluang offers investment products of different class assets, ranging from gold, Micro E-mini index futures, and other digital assets. The startup also announced its plans to launch the first product in Indonesia that would enable users to invest in US stocks, starting from as little as 0.1 unit of share.
According to Pluang, it now has over 4 million registered users in Indonesia, and the number is still growing rapidly. Between Jan. 2020 and Nov. 2021, Pluang saw a 22-fold increase in actively transacting users. The number of users with active balance also soared 28.5 times growth in the same period. The startup attributed this significant growth to its partnership with Southeast Asia’s superapps like Gojek, DANA, Tokopedia, and Bukalapak.