Indonesian wealth tech startup Ajaib has raised $153 million in funding led by DST Global to become the latest unicorn in the country. This is also DST Global’s first foray into the Southeast Asian market. Other investors who invested in the company are Ribbit Capital, Horizons Ventures, ICONIQ Capital, IVP, Insignia Ventures, Alpha JWC, and Softbank Ventures Asia.
The funding will be used to expand the company’s product development and engineering capabilities. The company claims to run the fourth-largest stock brokerage in Indonesia based on a number of trades, and announced the $25 million first closing of its Series A in January.
Companies like Y Combinator Continuity, ICONIQ Capital, Bangkok Bank PLC and returning investors Horizons Ventures, SoftBank Ventures Asia, Alpha JWC and Insignia Ventures participated in the funding round. David Velez from Nubank and SG Lee from Toss also invested in the funding round.
With this latest funding round, Ajaib has become Indonesia’s seventh unicorn within only two and a half years since its launch. In 2021 alone, the company raised $243 million. This is Ajaib’s third funding this year, including $65 million in March, and $25 million in January.
Founded in 2019, this fintech company is focused on making stock investing more accessible to first-time investors. Even though a very small percentage of people in Indonesia own stocks, that number is increasing, especially among millennials. Out of 2.6 million stocks in Indonesia, Ajaib owns 1 million of them. The company has processed over 36 million transactions year-to-date which makes it the third-largest stock brokerage in Indonesia by the number of transactions.