JAKARTA, May 3, 2019 —Stockbit, the fastest growing stock investing app for millennials in Indonesia, announced earlier today that it has secured an undisclosed amount of Series A funding led by East Ventures, joined by Convergence Ventures, FreakOut, and several notable angel investors. Existing investors including 500 Startups, Ideosource and Braavos Ventures also participated in the round. The investment will accelerate Stockbit mission to democratize capital market investment in Indonesia.
Founded in 2013 as a social network for stock investors, Stockbit has evolved into an app that integrates stock trading, information aggregation, and social networking. Stockbit recently launched Bibit, a robo-advisor app that helps people build a personalized portfolio and invest in an optimal way. The apps also enabled investors to invest starting from as low as $1.
Wellson Lo, the CEO, commented, “Despite its lucrative return, first-time traders in Indonesia still intimidated to make an investment in the capital market due to lack of knowledge, lack of access to high-quality wealth managers, and high fees of professional advisory services. They often faced difficulties to navigate around the fast-changing nature of the stock market. With Stockbit, we aim to make investment easy and optimal for everyone.”
“Previously, only the top 1% have access to good financial service. The industry unfortunately still lacks transparency and convenience for smart investing. With our technology, we provide high quality financial product and services to everyone, no matter where they are or how much they make” said Johny Susanto, the CTO.
According to Sigit Kouwagam the COO, “As Indonesians improve their income and financial literacy, making the right investment has become increasingly important to reach their financial goal. Hence, reliable guidance and information become key for their investing journey, and our product works for investors like a GPS/Google Maps for travelers.”
According to IDX data, the number of retail investors in Indonesia grew 40% YoY in 2018. This growth was contributed mainly by the millennials, where 70% of the new investors in 2018 came from 21s-40s age group. Despite this rapid growth, only less than 1% of Indonesians have participated in the stock market so far.
Melisa Irene, Partner of East Ventures says, ” Stockbit has successfully established its position as an important player in the capital market industry by creating a platform that consolidates important information required for investment decision making. By doing so, Stockbit helps to