Indonesian robo-advisor Bibit raises new funds from Sequoia India, Tencent
Robo-advisor Bibit.id on Monday announced that it has raised USD 65 million in a funding round led by Sequoia Capital India. Against the backdrop of the financial uncertainty that came with COVID-19, younger Indonesians are looking for ways to increase savings to help them weather difficult times. The number of mutual fund investors in the country grew 78% year-on-year in 2020 to 3.2 million, according to the Indonesian Stock Exchange (IDX). Bibit plans to develop and launch new products, expand its team, and invest in financial education and awareness among young people. Trading app Ajaib already raised a total of USD 90 million this year from backers that included its US peer Robinhood.
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