Magic Gets Additional Series A Funding, Books Total Funds Of 1,3 Trillion Rupiah

Ajaib Group today (29/3) announced the acquisition of additional investment in a series A round of $65 million, led by Ribbit Capital. Merged with previously announced series AIn total, Ajaib managed to book $90 million or equivalent to IDR 1,3 trillion in this round -- claimed to be the largest series A funding in Southeast Asia.

This is Ribbit Capital's debut in Southeast Asia. Previously they have invested in global players such as Coinbase, Affirm, Revolut, and Robinhood. In addition, several investors involved in the Miracle funding include Y Combinator Continuity, ICONIQ Capital, and Bangkok Bank PLC; also some angel investors from among fintech founders such as David Velez from Nubank and SG Lee from Toss.

For previous investors such as Horizons Ventures, Softbank Ventures Asia, Alpha JWC Ventures, and Insignia Ventures were also involved in investing in this round. Previously, it was stated that the fresh funds raised will be used by the company to improve technology infrastructure, recruit technical teams, and expand product offerings.

"We are witnessing an unprecedented revolution in retail investment. Magic are at the forefront of this revolution and they are building brand most trusted in Indonesia. Their commitment to providing transparency and serving Indonesian millennial investors with the best products can be compared to world-class companies," said Ribbit Capital Managing Partner Micky Malka.

Since its establishment in 2018, currently Ajaib Group accommodate two investment instruments on its digital platforms, including Ajaib Sekuritas (PT Ajaib Sekuritas Asia – the result of its acquisition of Primasia Unggul Sekuritas) for shares and Ajaib Reksadana (PT Takjub Tekonologi Indonesia) for mutual fund products.

Although there are already several players in the retail investment segment, Ajaib assesses that the potential is still very large. So far, less than 1% of the total Indonesian population has invested in stocks. Therefore educational efforts also continues to be intensified in the midst of various business expansion agendas.

Ajaib Sekuritas is currently the 4th largest stock broker based on trading quantity. Since its launch four months ago, Ajaib's stock investment platform has accommodated around 10 million transactions.

"Our mission is to welcome a new generation of investors to modern financial services. We believe in the power of young Indonesian retail investors. We also believe that the best products and education will win. Magic is growing rapidly organically and we will continue to invest in product development and our educational campaigns," said Anderson Sumarli, Co-Founder & CEO of Ajaib Group.

Besides Ajaib Group, there is also Stockbit as a stock investment application. They have booked series A funding led by East Ventures since 2019. Then in the same year they too acquired mutual fund investment platform Bibit to expand its business scope. Earlier this year, Seed announced a new $30 million funding round led by Sequoia Capital India with participation from East Ventures, EV Growth, and 500 Startups.