Pluang Reaches IDR 782.3 Billion in Funding Throughout 2021
Indonesian fintech startup Pluang recently received additional funding of USD 35 million (equivalent to IDR 497.8 billion). Previously in March 2021, Pluang received an investment of USD 20 million (equivalent to IDR 284.5 billion).
This additional total investment makes Pluang as a whole get an injection of USD 55 million or equivalent to IDR 782.3 billion throughout 2021.
The USD 35 million investment was led by Square Peg with a consortium consisting of Susquehanna International Group (SIG), UOB Venture Management, and existing investors Pluang, including Go-Ventures and Openspace Ventures.
The injection of funds is planned to be used to accelerate the launch of new products, in order to meet consumer demand. Pluang will also use the data to increase human resources. That way, this local startup can help everyone invest wisely.
Go-Ventures partner, Aditya Kamath, said he was pleased to be able to increase investment in Pluang in each funding round. That way, Pluang is one of the portfolios for Go-Ventures.
“We are amazed by the product innovation, Pluang’s business growth, and the best-in-class economy unit. We look forward to working with Pluang in the years to come,” said Aditya.
Pluang Investment Products
Pluang provides access to gold investment, Micro E-Mini Index Futures, mutual funds, and crypto assets to retail investors in the country.
The company also allows users to save and invest starting from IDR 10 thousand in various investment assets, through one application only. That way, investments can be made easily.
Given the low level of financial literacy in Indonesia, Pluang emphasizes the importance of education about investment for its users.
Pluang also collaborates with an ecosystem of business partners that have many consumers, including Gojek, DANA, and Bukalapak. In the future, Pluang plans to partner with other business partners.
Pluang’s founders, Claudia Kolonas and Richard Chua, founded Pluang after getting inspired by their Business at the Base of the Pyramid class.
At that time both of them were studying for masters at Harvard Business School. So far, since its founding in 2019, Pluang has recorded 3 million registrants.
Square Peg’s partner, Thusar Roy, said that he was impressed by Claudia and Richard’s vision of opening up access to wealth creation for Indonesians as well as awareness to improve financial literacy in Indonesia.
Last Month, Pluang Held a Trading Competition
In the last year, crypto-asset investment enthusiasts in the country experienced a surge. According to data from the Ministry of Trade as of last May, the number of crypto asset investors in Indonesia has crossed 6.5 million people.
This figure even exceeds the number of stock investors which amounted to 2.4 million people based on data from KSEI. The millennial generation in Indonesia is a party that contributes to this growth.
When there was a sharp spike in the price of crypto assets since the 4th quarter of 2020, enthusiasm came in droves from millennials for various crypto assets.
This can be seen in “alternative coin” or Altcoin transactions which account for 70% of the total transaction volume in Indonesia at the peak of the crypto asset price rally that occurred in early 2021.
For example in January to July 2021, Binance Coin managed to achieve a growth rate of 757%. On the other hand, Cardano and Polkadot scores skyrocketed to 644% and 85%, respectively. This figure far exceeds the value of Bitcoin which only grew 43% in the same period.
In response to the growing demand for crypto assets, investment app Pluang is partnering with one of the largest crypto asset platforms in Indonesia, Tokocrypto to launch 29 new crypto coins and tokens.
Together with Tokocrypto, Pluang has now presented various types of crypto assets under the category of alternative coins or Altcoins, such as Binance Coin (BNB), Cardano (ADA), Polkadot (DOT), and Ripple (XRP).