Pluang, an Indonesian company democratizing access to financial products in the country, has raised $3m in Series A funding.
The capital injection was led by Go-Ventures, an early-stage focused venture capital firm which backs technology companies in emerging markets.
Funds have been earmarked for marketing, product development and technology improvements, as well as improve the application and its reach of its financial products. Currently, Pluang has just one released product, a gold savings services, but with the new backing, the FinTech will release additional services such as US dollar savings and fixed return products.
Pluang gives users in Indonesia access to low cost savings products and investing services through a mobile app. Its goal is providing everyone with access to financial products.
The gold savings product offers investments starting from 00.1 grams (worth around $0.50) and users can either pay periodically or in instalments. Users are able to sell back the gold in real-time.
Pluang founder Claudia Kolonas said, “In terms of investment solutions, Indonesians are underserved, and there is a lack of access to financial products that have people’s interest at heart. Financial solutions that are convenient, safe, reliable and stable remain elusive; and Indonesians often feel like they don’t have a choice. We want to help Indonesian consumers see that better possibilities exist for growing their savings.”
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