Pluang co-founders Claudia Kolonas (left) and Richard Chua
Indonesia-based wealth tech startup Pluang today announced that it has raised an additional US$35 million, bringing its total funding raised this year to US$55 million.
Led by Square Peg, this funding round included the participation of SIG, UOB Venture Management and existing investors such as Go-Ventures and Openspace Ventures.
This update followed the US$20 million funding round the company announced earlier in March.
“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,” said Aditya Kamath, partner of Go-Ventures.
In a press statement, Pluang said that the 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.”
Also Read: Peter Thiel’s Valar Ventures leads Singapore wealthtech startup Syfe’s US$30M Series B round
The company said that of all the existing wealth tech startups in Indonesia, it offers the broadest suite of asset classes for retail investors, enabling them to invest in gold, equity indices, mutual funds and cryptocurrencies.
It allows users to make micro-savings and micro-investing contributions from as low as ~US$0.50 across asset classes within one app.
The diversification that it enables is aimed to help first-time users reduce risk. It also puts emphasis on financial education on investing and long-wealth creation; it is especially relevant for a market with relatively low financial literacy such as Indonesia.
According to a report by The Jakarta Post, lifestyle and lack of tech adoption play a role in this problem.
Pluang’s services are available as mini-apps within larger ecosystems such as Gojek, Dana, and Bukalapak. The company is planning to be available on more platforms in the future.
Founded in 2019 by Claudia Kolonas and Richard Chua, the company said that it has amassed almost three million registered users while remaining incredibly capital efficient, with less than US$3 million of marketing spend to date.
—
Image Credit: Pluang
The post Pluang raises additional US$35M, bringing total funding this year to US$55M appeared first on e27.