Magical Official Wear Status "Unicorn"

Platform wealthtech Magic confirmed his new status as unicorn next from Indonesia, after closing a $153 million (over 2,1 trillion Rupiah) series B round led by DST Global. This value is slightly higher than the rumored in end of September. This funding brings the total amount Magic raised to $243 million.

He explained further, in the series B round, previous investors, namely Alpha JWC Ventures, Ribbit Capital, Horizons Ventures, Insignia Ventures, and SoftBank Ventures Asia were participated.

DST Global and Ribbit Capital are investors of Robinhood, a similar platform from the United States. Often coded Magic with Robinhood proves that advances in technology and capital market capabilities in Indonesia are able to compete with global markets.

Ajaib Group Co-founder & CEO Anderson Sumarli said Ajaib will use this fresh fund to massively recruit top talent and conduct educational campaigns to inspire more budding investors.

“Our mission is to welcome a new generation of investors to modern financial services. Indonesia still has a penetration of 1% share investors and we still have a long way to go to support government programs to increase financial inclusion and literacy in Indonesia," Anderson said in an official statement, Monday (4/10).

The company currently has 1 million retail investors shares, since it was first founded two and a half years ago. This achievement is very rapid because Indonesia only has 2,7 million stock investors. "The growth in the number of retail stock investors in Indonesia has never been this fast in the history of Indonesia, so it is certainly the first step to build the strength of young Indonesian investors who can change the nation's future."

General Partner at Alpha JWC Ventures Chandra Tjan said, "Ajaib's success is a clear testament to the growth and strength of technology and the Indonesian capital market. "As Indonesians, we are very proud to be able to participate in building the country's digital ecosystem, and to have a real impact on people's daily lives," said Chandra.

DST Global Managing Partner Thomas Stafford added, “Ajaib has built world-class products using modern technology to serve the younger generation of Indonesia in entering the capital market. We are very proud to be walking with Ajaib in their mission to democratize access to investment for all.”

On the same occasion, last month Ajaib also announced the appointment of Andi Gani Nena Wea, one of the President Commissioners of BUMN, as the President Commissioner of Ajaib.

As is known, according to the survey results of the Financial Services Authority (OJK) in 2020, the level of financial literacy in the capital market is still relatively low at 4,9% and the inclusion rate is only 1,6%. The company has been committed to providing financial education, especially in the investment sector through the Stock Generation Program that has been carried out with the IDX in various regions with low financial literacy.

To date, the program has reached 26 cities, from the capital to Papua. In addition, Ajaib also conducts online education every day as a form of Ajaib's commitment to increasing financial inclusion and literacy, especially for the capital market.

List of unicorn companies from Indonesia

The Magic Party declared itself to be the 7th unicorn from Indonesia. Even so, in the notes DailySocial.id, so far there are 12 startups confirmed as unicorn. They are:

*with assumption has completed the merger process then go public via SPAC