Indonesian Investment App Pluang Bags Additional US$55 Millionby Fintech News Indonesia January 13, 2022
Pluang, an Indonesian all-in-one fractional investing app, announced that it has raised US$55 million in a funding round led by venture capital firm Accel.
This is a follow-on round to its previously announced Series B, pushing its total investment to US$110 million.
Additional investors in Pluang’s latest round include Trung Nguyen, Andy Ho, Aleksander Leonard Larsen, and Jeffrey Zirlin (Axie Infinity founders), Alexa von Tobel (former Learnvest CEO), Daniela Binatti (Pismo CTO), Sujata Bhatia (Monzo COO), Jannick Malling and Leif Abraham (Public.com co-CEOs), Raghu Yarlagadda (FalconX CEO), Sergio Jimenez (Flink CEO), The Chainsmokers, BRI Ventures, Gold House, as well as previous investors Square Peg, Go-Ventures, UOB Venture Management, and Openspace Ventures.
Pluang plans to use the additional funding to further build out its technology capabilities and expand its asset classes.
In its efforts to expand its asset classes, the company will launch a feature that allows users to invest in fractional US single stocks, which it claims to be the first of its kind in Indonesia.
The company also plans to expand the availability of its app and services throughout key additional international markets.
Pluang reportedly has more than four million registered users in Indonesia as the company witnessed 28.5x growth in users with an active balance from January 2020 to November 2021.
The company’s also has deep integrations with regional super apps Gojek, DANA, Tokopedia, and Bukalapak.
“With this additional investment, our team will be able to accelerate our momentum and provide the tools, resources and education necessary to set more customers up for long-term wealth creation.
We are absolutely thrilled to have the world-class team at Accel, as well as our additional investors, supporting us in the next stage of growth in Pluang.”
said Claudia Kolonas, Co-Founder of Pluang.
Featured image credit: Claudia Kolonas, Co-Founder of Pluang