PINA offers wealth management for Indonesia’s growing middle- to upper-class –
Summary
While many of Indonesias investment apps are focused on hooking first-time investors with low fees and starting deposits, PINA is targeting the middle-to-upper classes with wealth management services. The app announced today that it has raised $3 million in seed funding from AC Ventures, Vibe.VC and Y Combinator, with participation from XA Network.The company was founded in 2021 by Daniel van Leeuwen, the former country marketing head of Grab Indonesia. He is joined by technical co-founder Fajar Kuntoro, who was previously head of tech and engineering at Indonesian digital agency Mirum, Christian Hermawan, founder of Trust Securities and Hendry Chou, previously product design lead at edtech startup Zenius.Van Leeuwen told TechCrunch that PINA was created because of the founders own challenges with personal finance. As a result, they wanted to make sure that all Indonesians have access to financial advice, not just people who are able to afford the fees and minimums charged by personal wealth advisors.He said that Indonesians middle- and upper-class now includes 52 million people, and PINA was created to give them access to investment services without high minimums and fees as they invest for goals including buying a home, retirement and their childrens education.Our firsthand experience working with private financial service providers made us realize that change would never come from existing providers, Van Leeuwen said. It opened our eyes to the problems and opportunities in making wealth management accessible but also frustrating when we saw our clients inability to bring viable products to market due to their dated infrastructure and business models.PINA is among several Indonesian investment apps that have recently raised venture capital.