PINA Bags Fresh Funding of More than 44 Billion Rupiah
Startup developer of personal financial records application PINA announced the acquisition of initial funding of $3 million (over 44 billion Rupiah).
AC Ventures, Vibe.VC, and Y Combinator joined to lead this latest round, with participation from XA Network and past investors 1982 Ventures and Prasetia Dwidharma.
The fresh funds will be used to accelerate product development and user growth. Some of the features being prepared are financial consulting, investment, and other complementary services, such as access to career training, financial planner certification, and exclusive membership events.
In an official statement, PINA Co-founder Daniel van Leeuwen said that his party believes that there are many Indonesians who are underserved in terms of building their wealth, both in terms of access to advice and products.
This is in line with PINA’s vision of offering a smart, practical personal wealth management platform that empowers people to take control of their financial lives.
The company believes that a perfect financial platform is capable of managing and automating every aspect of a person’s finances based on their wants and needs.
“We want to be the OS (operating system) of people’s financial lives, and the recent fundraising will allow us to move more quickly towards that goal,” said Leeuwen in an official statement, Monday (4/7).
AC Ventures Founder & Managing Partner Adrian Li also added, “The increasing adoption of cashless transactions along with the increase in wealthy individuals in Indonesia is driving the emergence of new billion-dollar opportunities for wealth management platforms, which offer a full suite of services including money management and investment.”
He also said the company provided funding to PINA because the asset management market potential was quite large.
“The mass adoption of cashless transactions along with the increase in the number of individuals with fantastic wealth in Indonesia has allowed the emergence of new billion-dollar opportunities in wealth management platforms,” he said.
“The PINA team brings in-depth knowledge and connections in the financial services industry – making PINA one of the most promising companies in its field,” he said.
A number of wealth management applications have sprung up recently, helping users to plan their financial goals. Several startups in the landscape have also received funding from investors, including Finku, Sayakaya, Saham Rakyat, and so on.
Founded in 2021, PINA offers retail investors holistic financial advice and investment management solutions. This platform carries a mission to empower Indonesians by making complex financial decisions simple.
So far, high fees and minimum deposits have made wealth management services inaccessible to most Indonesians. Access to PINA money management tools and advisors is free, and users are only charged when investing in the platform.
Through the PINA app, users can link all of their financial accounts to manage their money in one place and leverage that data to automate the savings and investment goals they have set.
Have 25K Active Users
It is claimed that PINA currently has more than 25,000 users on the platform and AUM is worth more than $4.1 million. Within three months of launching its product, the company managed to show strong traction, with AUM growing doubling in February 2022 and another 18 times in March 2022.
Prior to establishing PINA, Daniel van Leeuwen held the position of Country Marketing Head for Grab Indonesia. He is responsible for developing and driving the branding and marketing strategy for the super app.
Fajar Kuntoro, co-founder in technical field, is head of technology and engineering at Mirum, Indonesia’s largest digital agency. Meanwhile, Hendry Chou was the product leader and Product Design Lead at Zenius before establishing PINA.
Meanwhile, Christian Hermawan, who leads investment and legal operations, has more than 26 years of career in the capital market. Was a former Director of Sucorinvest Investment Management, later founded Trust Securities, and grew over US$151 million in monthly transaction volume.