PINA, a wealth management and financial planning startup in Indonesia, has raised an undisclosed sum in financing from a slew of regional investors.
1982 Ventures, iSeed Asia, Indonesia’s PT Prasetia Dwidharma, Oberyn Capital and several unnamed angels invested in the round.
The funds will be used to accelerate PINA’s product development and growth ahead of its launch in November 2021, tapping into this growing retail investments market in Indonesia.
Founded in 2021 by former Grab executive Daniel van Leeuwen and financial services veteran Christian Hermawan, PINA provides automated money management and investment solutions on a single app. It also offers personalised expert advice to its users.
“Wealth creating tools reserved for high-net-worth individuals are now available to all,” said Daniel van Leeuwen, co-founder and CEO of PINA.
Last month, the Indonesia Stock Exchange (IDX) announced that the country witnessed the emergence of a record one million new equity investors in the first eight months of the year, bringing the total number of retail equity investors to 2.69 million. Although petite compared to the country’s population of over 270 million people, this number is creating fertile land for stock trading apps offering access to financial products in Indonesia.
Earlier in March, Ajaib, an Indonesian online investment platform targeting millennials and first-time investors, closed its mega US$90 million Series A round — among the largest rounds at that stage within Southeast Asia.
Indonesia’s retail savings and investments market has constantly picked up pace in recent years. The value of the market tripled from US$108 billion in 2008 to US$326bn in 2018, according to Researchandmarkets’s report. This number is expected to cross the US$400 billion mark in 2022.
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Image Credit: PINA
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