Pluang Announces Continued Funding of 499 Billion Rupiah

Pluang today (13/9) announced that it has secured further funding of $35 million or equivalent to 499,3 billion Rupiah. This investment round was led by Square Peg with the involvement of SIG, UOB Venture Management, and several previous investors including Go-Ventures and Openspace Ventures.

This gain continue the pre-series B . investment received in March 2021 for $20 million. In total, the company has posted $55 million in this year's round. Fresh funds will be focused on accelerating the launch of new products to meet the investment needs of users. In addition, strengthening the internal team will also be the next focus.

Make it easy for consumers to diversify investments

Starting with providing access to gold investments, Pluang now has several other instruments on its platform, including stocks, mutual funds, and cryptocurrencies. This makes them one of the most comprehensive investment applications and makes it easy for users to diversify assets in one dashboard.

Pluang allows its users to save and invest starting from IDR 10.000, of course this will be interesting to open new markets, especially for Gen Z and millennials who are still learning to invest.

The collaboration strategy between digital players is also typical of Pluang. To present a variety of investment instruments, they also cooperate with many parties. For example crypto, currently Pluang is working with Zipmex and Tokocrypto to process transactions via email backend application. Also for service distribution, Pluang is currently integrated in several consumer applications, such as Gojek, Funds, and Bukalapak.

wealthtech more attractive

Founded in 2019 by Claudia Kolonas and Richard Chua, Pluang currently has around 3 million registered users. The potential is still huge, because until H1 2021, only 2% of the total productive age population in Indonesia has access to investment products in the capital market – a total of 4,5 million people. For crypto investors themselves, right now have more quantity ie 6,5 million people.

"We are fortunate to continue to add to our investment in Pluang with each funding series, making Pluang one of our main portfolios. We are always amazed by the product innovation, growth of Pluang's business and the best-in-class economy unit. We look forward to continuing to work closely with the team. Prosperity in the years to come," said Go-Ventures Partner Aditya Kamath.

During the year, several investment applications received equity funding from investors. Apart from Pluang, there are Seeds, Magic, and FUNDtastic which also received further funding. This is a separate validation regarding the validity of the market potential that can be worked on by players in the vertical.

Apart from those mentioned above, there are still many applications that can be used by users to make investments, such as Tanamduit, Raiz Invest, E-mas, Lakuemas, Treasury, Tamasia, Indogold, Tokocrypto, Indodax, Luno, Pintu, etc.