Pluang Announces 499 Billion Rupiah Follow-on Funding

Pluang today (13/9) announced that it has secured further funding of $35 million or equivalent to 499.3 billion Rupiah. This investment round was led by Square Peg with the involvement of SIG, UOB Venture Management, and several previous investors including Go-Ventures and Openspace Ventures.

This acquisition continues the pre-Series B investment received in March 2021 of $20 million. In total, the company has posted $55 million in this year's round. Fresh funds will be focused on accelerating the launch of new products to meet the investment needs of users. In addition, strengthening the internal team will also be the next focus.

Investment diversification for consumers

Starting with providing access to gold investments, Pluang has expanded to several other instruments on its platform, including stocks, mutual funds, and cryptocurrencies. This makes them one of the most comprehensive investment applications and makes it easy for users to diversify assets in one dashboard.

Pluang allows its users to save and invest starting from IDR 10,000, this will be an interesting opportunity to open new markets, especially for young generations who are still learning to invest.

The company has typical collaboration strategy between digital players. In order to present a variety of investment instruments, they cooperate with several entities. In terms of crypto, Pluang is working with Zipmex and Tokocrypto to process transactions through the application backend. Even for service distribution, Pluang is currently integrated in several consumer applications, such as Gojek, Dana, and Bukalapak.

Wealthtech gets more attractive

Founded in 2019 by Claudia Kolonas and Richard Chua, Pluang has reached around 3 million registered users. The potential is still huge, as to the first half of 2021, only 2% of the total productive age population in Indonesia has access to investment products in the capital market – a total of 4.5 million people. For crypto investors alone has higher number, there are currently more than 6.5 million people.