Stockbit Investment Platform Announces Series A Funding Raise

Today (07/5) startup stock investment application developer stockbit announced a series A funding round led by East Ventures. Funding supported by Convergence Ventures, FreakOut, and several angel investors. Also involved were previous investors, namely 500 Startups, Braavos Ventures, and Ideosource. With the addition of this model, Stockbit is increasingly determined to accelerate its mission to democratize capital market investment in Indonesia.

Targeting millennials, the startup founded by Wellson Lo (CEO) and Johny Susanto (CTO) designed the user experience in an application like a social network for stock investors, equipped with stock trading services and information aggregators. The application, which has been launched since 2013, is now also equipped with Robo-Advisor, a feature that helps consumers build a more personalized investment portfolio.

"Despite the high yields, the trader Beginners in Indonesia are still intimidated to invest in the capital market due to lack of knowledge, access to quality investment advisors, and the high cost of professional advisory services. Stockbit aims to make investing easy for everyone," said Wellson.

Based on IDX data, the number of retail investors in Indonesia grew 40% in 2018. 70% of the new registered investors came from millennials. Despite this rapid growth, less than 1% of Indonesians have participated in the stock market.

"stockbit has successfully established its position as an important player in the capital market industry by creating a platform that consolidates important and necessary information in making investment decisions. We are confident that the Stockbit team is capable of carrying out its mission to help Indonesia achieve higher individual participation in the capital market," said East Ventures Partner Melisa Irene.

Previously, Stockbit received pre-series A funding from 500 Startups in 2017, followed by the participation of their initial funding investors, namely Ideosource and Braavos Ventures. Earlier this year Stockbit did majority share acquisition platform marketplace Seeds mutual funds to expand the investment market potential.

"Previously only the top 1% of society had access to good investment services. Unfortunately, this industry is still not transparent and comfortable to make smart, convenient investments. Through technology, we provide high quality investment products and services for everyone, no matter where they are or the amount of their wealth," added Johnny.