Stockbit Closes Seed Funding from Ideosource

Stock analysis platform Stockbit announced an undisclosed seed funding that it received from Ideosource. The team claimed that the money will go to product development (including mobile app), marketing expansion, and talent recruitment.

Stockbit claims that its analysis may help investors and traders to make better decision while doing stock trade at the Indonesia Stock Exchange. The service stores all of its analysis on cloud and its latest version even provides a financial data feature with quality of institution, stock screener feature, and charting app.

In addition to its stock monitoring capability, Stockbit also provides a room for investors to communicate between each other. This features is quite similar to NgaturDuit’s IDX Watch. Stockbit was founded by Wellson Lo (financial expert) and Johny Susanto (IT expert).

“The stock market in Indonesia isn’t that efficient, so are those in developing countries, and lacking of simple and accessible technology is one of the reasons why. We are confident that an online analysis platform, which is backed up by high quality data, may encourage the market to perform much better. With supportive tools and community, we believe that Stockbit has the potential to revitalize this industry in a long term,” Lo stated.

“Stockbit is interesting because it provides fair playing field to institutional and retail investors in Indonesia. It’s also playing in the highly potential market, as the Financial Service Authority aims to have up to five million retail investors in 2017,” Andrias Ekoyuono, Ideosource’s VP of Business Development, commented.

Stockbit implements premium business model, with its cheapest service being offered at Rp 150 thousand per month. Stockbit claims that its full service has equal quality to Bloomber Terminal’s, only with lower rate. The team note an average of 15% monthly increase in term of unique visitors.

In the near future, Stockbit plans on launching its app on both iOS and Android, as well as provide the service of a broker to investors and traders.

- Translated by Rifki Aria Nugraha