Indonesian digital investment app provider Bibit recently revealed that it had acquired over $80 million via a funding round that was led by GIC, along with contributions from Prosus Ventures as well as other existing investors.
Bibit’s management noted that the capital secured will be used for the launch of various new products and services as well as technology development.
The firm will also be recruiting local talent and enhancing its financial education programs in order to create awareness among the general public.
Stockbit had launched Bibit in back in 2019 in order to enable its clients to invest in diversified asset classes.
During the last year, Bibit has introduced Stockbit Sekuritas, an e-IPO feature that enables clients to take part in a 100% online IPO process.
The firm further revealed that the Stockbit Academy offers stock market education from experienced financial mentors for free.
As noted in the announcement, Bibit had been appointed by the Ministry of Finance Republic of Indonesia as a distribution partner in order to sell the Government Securities (SBN) in early 2022.
Sigit Kouwagam, CEO and Co-founder of Bibit, stated:
“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.”
As noted by its management:
“We are a startup company with a mission to increase financial literacy in all circles of society through the most optimal investment technology. Our platform enable both beginners and advanced users to invest effectively. We believe that everyone has an equal opportunity to invest in the right way to achieve a better future.”
Fintech firms in Indonesia continue to acquire large amounts of funding in order to support the ongoing digital transformation efforts in the Southeast Asian country.
As covered recently, Xendit, one of the “fastest-growing” payments infrastructure platforms for Southeast Asia, announced that it closed $300 million in Series D funding, “taking the total amount raised to $538 million to power the world’s fastest-growing digital economy.”