Indonesian Robo-Advisor Bibit Raises US$80 Million in Fundraise Led by GICby Fintech News Indonesia May 25, 2022
Indonesian digital investment app Bibit announced that it has raised more than US$80 million in a funding round led by GIC, joined by Prosus Ventures and other existing investors.
Bibit said that the funds raised will be used for the launch of new products and services as well as tech development.
The company will also be hiring local talent and strengthening its financial education programmes to create awareness among the general public.
Stockbit launched Bibit in early 2019, to enable its users to invest in diversified asset classes.
In the past year, Bibit has launched Stockbit Sekuritas, an e-IPO feature that allows users to participate in a 100% online IPO process.
The company also unveiled the Stockbit Academy which provides stock market education from experienced financial mentors for free.
Additionally, Bibit was appointed by the Ministry of Finance Republic of Indonesia as a distribution partner to sell the Government Securities (SBN) in early 2022.
Sigit Kouwagam, CEO and Co-founder of Bibit said,
“We believe that everyone deserves a better future. We are here to enable Indonesians to participate in the capital market and help people achieve their financial goals through the right investment.
We are thrilled to welcome GIC as a new investor and delighted to have the support from our existing investor partners to accelerate this mission.”