Pre-Series B Funding, Focus on Expanding Partnerships and Products

Investment app developer Pluang announced that it has completed a $20 million pre-series B fundraising or 288,8 billion Rupiah. The funding consortium is led by Openspace Ventures supported by investors who have been involved in previous rounds, including Go-Ventures.

The fresh funds will be used by the company to develop and launch new financial products, expanding product offerings across business partners. The company also has plans to build a team and develop automation features.

"Previously, these investment assets were only available to those who could afford it. However, we believe that everyone should have the same opportunity to develop the value of their savings. Therefore, our new products will later accommodate this goal," said the Co-Founder. Pluang Claudia Kolonas.

Previously Pluang has earned Series A pendanaan funding worth $3 million in March 2019. Pluang claims to have managed to reach more than one million active users on the app. The biggest growth will be in 2020, up to 20x. One of the factors that trigger this growth is the pandemic which makes the public's interest in investing even greater.

“Pluang has shown tremendous business growth in the last 12 months. We are very enthusiastic to support Pluang, as the company's ambition is to continue to facilitate Indonesian people to save,” said Shance Chesson, Founding Partner of Openspace Ventures.

Pluang's business focus

One of the current focuses of Pluang's product development is utilizing government bonds as a means of saving and investing in the community. Automated feature updates will also help users make saving a daily routine.

“We plan to expand our product range in 2021 by focusing on new products. So, our users can access various investment assets easily and conveniently,” said Claudia.

Currently, Pluang has been selected to provide features mini-apps inside other apps like Gojek (GoInvest), DANA (FUND EMAS), and Bukalapak (BukaEmas). Claudia also said that her party had succeeded in recording efficient customer acquisition costs (CAC). And so far it has been noted that the product that is the main choice of users is gold.

At the end of 2020, Pluang released new investment product on its platform, allowing users to invest in crypto assets. Taking Zipmex as a partner in transaction processing, crypto assets traded ranging from Bitcoin and Ethereum as digital currencies with the largest capitalization value today.

Gold investment app

Gold investment is considered to be a good start to increase the penetration of digital investment services to a wider audience -- we call it gold as a digital investment catalyst. In addition to being less risky, in fact, many Indonesian people have done activities to make gold as an investment, only manually (buying and selling directly in stores.

On this basis, in Indonesia in the last decade, investment applications have continued to emerge which include gold instruments. From our data, there are at least 9 application providers that can currently be used to invest.