Pluang, a wealthtech startup headquartered in Jakarta, announced today it has raised US$20 million in a pre-Series B round led by returning investor Openspace Ventures.
Other existing investors, including Go-Ventures, also participated.
This round comes two years after the fintech startup bagged US$3 million in Series A funding in March 2019.
With the fresh capital, Pluang plans to launch several new asset classes and provide users with proprietary financial products. One new focus will be to introduce a novel way to utilise government bonds as a savings product.
It also plans to onboard several new partners over time using a part of the capital.
Founded by Claudia Kolonas and Richard Chua while they were at Harvard Business School, Pluang provides easy access to micro-savings and micro-investment products in Indonesia. By logging into its mobile app, users can check or top up their accounts, make transactions or cash out, anywhere anytime.
Users can make micro-savings as low as ~US$0.50.
Currently, Pluang offers gold, US equity indices and cryptocurrencies.
The company has been selected to provide mini-apps within gojek, Dana and Bukalapak.
The firm claims to have served over one million users to date.
“We plan to expand our product offerings in 2021, focusing on new financial products to give our users simple and convenient access to a wider variety of asset classes. Previously, these assets classes were only available to the wealthy in Indonesia. However, we believe that everyone should have the opportunity to grow their savings, and our new products will reflect this,” said Kolonas.
Pluang believes financial education in Indonesia, a country with very low financial literacy requires a joint effort. Ecosystem partners can make a huge difference in educating users as they have existing user bases.
“Pluang has demonstrated tremendous growth over the last 12 months with industry leading unit economics. We’re excited to continue supporting the team, as they sustainably accelerate their ambitions to help every Indonesian grow their savings,” said Shane Chesson, founding partner, Openspace Ventures.
“As a nation, Indonesians are just starting to get familiar with savings, investing and growing their wealth. Pluang is making excellent in-roads into educating new users, and getting them started on their savings journey,” said Aditya Kamath, Partner, Go- Ventures.
Image Credit: Pluang