Leading Indonesian fintech, Pluang, has reportedly raised over $20 million through a pre-Series B funding round, which was led by Openspace Ventures, with Go Ventures and other returning company investors also participating in the round.

For the record, the company offers proprietary investment and savings solutions that enable users to contribute as low as 50 cents USD. Pluang is available through its partnerships with super apps such as Gojek, Bukalapak, and Dana and claims to have over 1 million users at present.

According to the credible sources, Go Ventures, a spinoff of Gojek had also participated in Pluang’s Series A funding round, which raised over $3 million and closed in March 2019.

The company has stated that it maintains a lower cost of customer acquisition at $2 per transacting customer as it develops its own products, like U.S equity indices, investment accounts for gold, and cryptocurrencies, instead of relying upon third-party financial service providers.

According to the company, the latest funding will be allocated for creating more proprietary financial products to cover a wide range of assets, including government bonds.

Pluang is reportedly one of the many Indonesian financial apps, like Bibit, Ajaib, and FUNDtastic, that have raised funds recently, aiming to take investment opportunities to more people by providing them an alternative to conventional brokerage firms who usually charge higher fees.

Claudia Kolonas, founder of Pluang stated that earlier only the wealthy could access such assets in Indonesia. However, the company believes that everyone should get the opportunity of growing their funds, and this will be reflected in its new offerings.

Meanwhile, Shane Chesson, founding partner at Openspace Ventures stated that Pluang has shown substantial growth over last 12 months through its exceptional unit economics. Openspace will continue supporting Pluang as it is sustainably elevating its ambitions for helping Indonesian people grow their savings.

Reportedly, only a small fraction of Indonesian population are retail investors, however the number is increasing, especially among people aged 18 to 30 years. This is apparently due to increasing stock influencers and rising inclination towards financial planning during the COVID-19 crisis.

Source credit: https://techcrunch.com/2021/03/21/indonesian-savings-and-investment-app-pluang-gets-20m-in-pre-series-b-funding/