PINA Secures Seed Funding, to Launch Investment and Financial Management App

The developer of personal financial management application PINA announced seed funding with an undisclosed amount. This round was led by 1982 Ventures, with the participation of iSeed Asia, Prasetia Dwidharma, Oberyn Capital, and a series of angel investors. The fresh funds will be used to accelerate product development and growth before its launching in November 2021.

Later, the PINA application will help people manage and grow their money by providing management and investment solutions in a single app. The startup was founded by former Grab executive Daniel van Leeuwen and financial services veteran Christian Hermawan.

"Our mission is to help everyone achieve financial independence by providing products and advice to make complex financial decisions simple and relevant. Wealth creating tools for high net worth individuals are now available to everyone. PINA empowers people to invest and manage their money in an understandable way,” Daniel said.

1982 Ventures' Managing Partner, Herston Powers revealed to DailySocial, although the platform is yet to launch, its founders' mature experience is enough to be a strong reason for investors to invest.

"PINA is the first Indonesian personal finance app to serve all Indonesians. The path to personal investment is not stock trading or crypto exchange, but a financial product made for the masses that focuses on building wealth. PINA's holistic approach and values ​​are fully aligned with our mission to transform financial services and empower millions of Indonesians," Herston said.

1982 Ventures is a venture capitalist that focuses on fintech startups. Based in Singapore, they focused on early stage funding, for businesses in Southeast Asia. Aside from PINA, Brick and Wagely are 1982 Ventures' other portfolios in Indonesia.

Meanwhile, Prasetia Dwidharma's CEO, Arya Setiadharma said, "PINA's vision is to empower Indonesians to pursue and secure financial freedom in a simple and straightforward way. Reducing barriers to accessing markets is as important as educating those who want to access them – financial literacy must be a priority. "

Other platforms that offer similar services are including Halofina, Finansialku, and Fundtatstic. Not only a personal financial recording application, it also embed investment services and financial education in its application -- their mission is to make it easier for every user to achieve their financial goals.

Targeting young generation

PINA's mission is not only to provide an easier way to invest in Indonesia's emerging financial markets, but also to provide access, trust, and financial literacy to address the low penetration of retail investors, particularly the lower middle class, younger generation, and beginners.

In order to achieve this goal, they have partnered with several institutions, including BNI Sekuritas to offer various investment products, Asli RI for e-KYC and biometric security, and other leading asset management companies. Currently, PINA has been registered and is under the supervision of the Financial Services Authority (OJK).

Until Q2 2021, we noted some wealthtech (financial and investment management) startups that received funding from investors, including:

It is projected to increase, in line with market opportunities for financial management services that continue to be in demand. A study mentioned, the wealthtech solutions market size will reach $54.62 billion by 2021; and will continue to grow to $137.44 billion in 2028 with a CAGR of 12.1%.

–Original article is in Indonesian, translated by Kristin Siagian