Indonesian fintech start-up Pluang raises $55m in Series B follow-up round
Indonesian fractional investing app Pluang has raised $55 million in a follow-up to its Series B round held in 2021. The company has now raised $110 million in total Series B funding.
The investment was led by venture capital firm Accel and saw participation from The Chainsmokers, BRI Ventures and Gold House, as well as previous investors Square Peg, Go-Ventures, UOB Venture Management and Openspace Ventures.
Various angel investors also participated including Monzo COO Sujata Bhatia, Pismo CTO Daniela Binatti and Flink CEO Sergio Jimenez.
Pluang says it leverages diversification to reduce investment risk, allowing users to make micro-savings and micro-investing contributions across gold, indexes, mutual funds and crypto assets.
The wealthtech will also launch a feature that allows users to invest in fractional US single stocks, a first in Indonesia.
The company says this latest funding round will allow it to invest in its technology, diversify its asset classes and expand across Southeast Asia, a high-growth region of the world thanks to its population size and digital penetration.
“Providing mobile access to an easy-to-use investment product is a massive element of boosting financial literacy and financial inclusion throughout Indonesia, as well as Southeast Asia,” says Pluang co-founder Claudia Kolonas.
Founded in 2019 by Kolonas and co-founder and CEO Richard Chua, Pluang claims more than four million users in Indonesia.