Ajaib Group Raises $90 Million series A

2 months ago . 1 min read
MP
Marella Putri
Writer at Forbes Indonesia
Ajaib Group Raises $90 Million series A
Cofounders of Ajaib Group: Yada Piyajomkwan and Anderson Sumarli. Photograph courtesy of Ajaib Group.

Ajaib Group today announced it has raised $65 million in funding led by Ribbit Capital. Adding to the previously secured $25 million announced in January, Ajaib Group's total of $90 million series A is the largest in Southeast Asia history. This funding will enable the company to continue investing in their product development and engineering capabilities.

Ribbit Capital is a Palo Alto-based fintech focused investor, which recently led Robinhood's $3.4 billion mega financing last month. Ajaib is also Ribbit's first investment in the region.

Other participating investors in Ajaib's series A round include Y Combinator Continuity, ICONIQ Capital, Bangkok Bank PLC, as well as l existing investors Li Ka-Shing’s Horizons Ventures, SoftBank Ventures Asia, Alpha JWC Ventures and Insignia Ventures.

Several notable fintech founders including David Velez of Nubank and SG Lee of Toss also participated.

“We are witnessing an unprecedented revolution in retail investing around the world. Ajaib is at the forefront of this revolution and is on their way to building the most trusted brand in the market. Their commitment to bring transparency and serve Indonesia’s millennial investors with the best products is at par with the best companies Worldwide," said Micky Malka, Managing Partner at Ribbit Capital.

Ajaib Group today runs the fourth largest stock brokerage in Indonesia by number of trades. 

It claims to have processed over 10 million transactions in the past four months, making Ajaib amongst the fastest growing fintechs in Southeast Asia.

"Our mission is to welcome a new generation of investors to modern financial services. We believe in the power of Indonesia’s millennial retail investors. We believe the best product and education will win. Majority of our growth is organic and we will continue to invest in our product and education programs," said Anderson Sumarli, CEO of Ajaib Group.

MP
Written By
Marella Putri
Writer at Forbes Indonesia
Topics
Entrepreneurs