by Ulisari Eslita
Bibit, digital investment app has raised $30 million of an unnamed round from Sequoia Capital India, joined by its existing investors including East Ventures, EV Growth, AC Ventures and 500 Startups. The new round will push the company to grow further and cement their position as the leading investment app in Indonesia.
CEO Bibit, Sigit Kouwagam said Bibit experienced a significant growth since its launch with more than 1 million first-time investors registering with the platform during the past year alone. The rise is attributed to people’s awareness on investment and the importance of having a good financial management nowadays.
During the pandemic, Bibit and Stockbit has been positively impacted. It has a fast growing number of retail investors with more than 10 times growth of transactions in 2020.
“Consumers across the world are moving their savings from low yielding assets like gold and property to higher yielding financial products. In Indonesia, we are excited about Bibit’s potential to help every Indonesian achieve their financial goals,” said Rohit Agarwal, VP Sequoia Capital India.
Started as a platform for investors to share trading ideas, news and real time information, in 2019, Stockbit launched Bibit. Bibit aims to make investment seamless even for the first time investors.