Magic Pockets Initial Funding of 29 Billion Rupiah

Y Combinator graduate startup "Wonderful" which was founded by Anderson Sumarli, Yada Piyajomkwan, and Kevin Lee received early stage funding (seeds) some time ago worth $2,1 million (equivalent to 29,6 billion Rupiah). Funding was obtained from several investors, including Y Combinator, SoftBank Ventures, former businesses Sequoia (investor in WhatsApp), Alpha JWC and Insignia Ventures.

To DailySocial Ajaib CEO Anderson Sumarli said the fresh funds will be used to develop Ajaib's business, including by recruiting new talents, developing products and connecting with users to get better input.

"Start-up capital is the earliest source of investment for a startup. It usually represents the first legal money raised by a business venture or company to do more in market research and development. One of the accelerators seed funding we are Y-Combinator and Softbank," said Anderson.

Financial inclusion for all

Magic provides a personalized portfolio based on the user's risk profile. The platform allows the opening of accounts for savings and investments, utilizing a licensed financial manager. Automatically all portfolios are supervised by Magic. Currently, one of the portfolios being handled is mutual funds. In the future, the Magic team is committed to adding other investment options.

"The advantage of Magic is that we combine technology and human expertise. I am one of those people who want to invest but don't have the time to keep up with market changes. This is also experienced by my friends, so Magic is the solution for all of us," Anderson said

Magic does not charge for its services, whether for account creation, purchases, sales, or fees switching. For the convenience of users, Ajaib also has a license from the Financial Services Authority (OJK) and partners with a number of banks and companies fund managers experienced in investment.

With fresh funds at hand, Ajaib has ambitions to cover the Southeast Asian market by targeting 650 million people.

“Our vision is regional scope. We think this problem is quite common across the region. But in the short and medium term, we will focus on Indonesia first,” said CMO Ajaib Yada Piyajomkwan.