INDONESIA-BASED robo-advisor Bibit has raised US$30 million of funding from Sequoia Capital India, joined by its existing investors including East Ventures, EV Growth, AC Ventures and 500 Startups.
In a statement on Tuesday, Bibit chief executive Sigit Kouwagam said the firm has grown significantly since its launch, with more than a million first-time investors registering with the platform in the past year alone.
He attributed the growth to increased awareness and education on investment as well as the importance of having good personal financial management. Some 90 per cent of Bibit users are millennials and first-time investors.
Indonesia Stock Exchange and Central Custodian data reported that the number of retail investors in Indonesia grew 56 per cent year on year in 2020. This growth was mainly driven by millennials - 92 per cent of new investors in 2020 were between ages 21 and 40.
But despite the rapid growth, under 2 per cent of Indonesians have participated in the stock market so far.
Mr Kouwagam noted that Bibit's partnership with Sequoia India will accelerate the firm's goal to help more people participate in the capital market and make the right investments.
Rohit Agarwal, vice-president of Sequoia India, said: "Consumers across the world are moving their savings from low-yielding assets like gold and real estate to higher-yielding financial products. In Indonesia, Bibit has become the most trusted platform for millions of consumers with its well-balanced portfolio that offers the best risk-adjusted returns. We are excited about Bibit's potential to help every Indonesian achieve their financial goals."