Startup Pina Secures Initial Funding, Launches Application Immediately
The developer of the PINA personal financial management application announced that it had received initial funding with an undisclosed amount.
This round was led by 1982 Ventures, with the involvement of Prasetia Dwidharma, iSeed Asia, Oberyn Capital, and a number of angel investors. The fresh funds will be used to accelerate product development and growth before launching in November 2021.
Later the PINA application will help people manage and grow their money by providing management and investment solutions in one application. The startup was founded by former Grab executive Daniel van Leeuwen and financial services veteran Christian Hermawan.
“Our mission is to help everyone achieve financial independence by providing products and advice that make complex financial decisions simple and relevant,” said Daniel.
Wealth creating tools reserved for high net worth individuals are now available to everyone. PINA empowers people to invest and manage their money in an understandable way.
The Experience of the Founders is a Strong Reason for Funding
1982 Ventures Managing Partner Herston Powers said that although the platform had not yet been launched, the experience of its founders was mature enough to be a strong reason for investors to invest.
PINA is the first Indonesian personal finance application to serve all Indonesians. The path to personal investing is not stock trading or crypto exchanges, but financial products made for the masses focused on building wealth.
“PINA’s holistic approach and values are fully aligned with our mission to transform financial services and empower millions of Indonesians,” said Herston.
1982 Ventures itself is a venture capitalist that focuses on fintech startups. Based in Singapore, their scope of funding is at an early stage, for businesses in Southeast Asia. Besides PINA, other 1982 Ventures’ portfolios in Indonesia are Brick and Wagely.
Meanwhile, CEO Prasteia Dwidharma Arya Setiadharma said, “PINA’s vision is to empower Indonesians to pursue and secure financial freedom in a simple and straightforward way.”
It considers that reducing barriers to accessing markets is as important as educating those who want to access them – financial literacy should be a priority.
Platforms that offer similar services such as PINA include Halofina, Finansialku, and Fundtatstic.
Not just a personal financial recording application, they also embed investment services and financial education in their application — their mission is to make it easier for every user to achieve their financial goals.
Targeting Indonesia’s Young Generation
PINA’s mission is not only to provide an easier way to invest in Indonesia’s emerging financial markets, but also to provide access, trust, and financial literacy to address the low penetration of retail investors, particularly the lower middle class, younger generation, and beginners.
To achieve this goal, they have partnered with several parties, including BNI Sekuritas to offer a variety of investment products, Asli RI for e-KYC and biometric security, and other leading asset management companies.
Currently, PINA has been registered and is under the supervision of the Financial Services Authority (OJK). Until Q2 2021, we noted that there were a number of wealthtech startups (financial management and investment) that received funding from investors.
Future projections will continue to increase, in line with market opportunities for financial management services that continue to be in demand by the market.
According to a study, the wealthtech solutions market size will reach $54.62 billion by 2021; and will continue to grow to $137.44 billion in 2028 with a CAGR of 12.1%.
Previously, a local startup engaged in fintech, OY! Indonesia received a new investment injection which was included in the Series A funding round in the second quarter of 2021. The investment figure that was disbursed was recorded at 30 million US dollars or around Rp. 443 billion.
The disbursement of funds was obtained from SoftBank Ventures Asia (SBVA), a venture capital company which is a business unit of SoftBank.