Indonesia’s Ajaib Group said to close its Series A on $25m

Investment platform Ajaib Group has reportedly scored a $25m in its Series A funding round, which was led by Horizons Ventures and Alpha JWC.

Investors to the round also included Softbank Ventures Asia, Insignia Ventures and Y Combinator, according to a report from Deal Street Asia.

With the equity injection, the company will expand its technology infrastructure, hire more engineering staff and increase its product offering, it said.

A major portion of the funding will be used for Ajaib’s education campaign, which is supporting the Indonesian government’s effort to educate millennials on investing and money management.

The company operates across two platforms, Ajaib Sekuritas, an online stock trading platform, and Ajaib Reksaddana, an online mutual funds platform.

There have been a number of Indonesian FinTech companies to close funding rounds this month. Sharia FinTech platform Alami Technologies reportedly collected $20m in a mixture of debt and equity.

fellow Indonesian FinTech company Bibit reportedly bagged $30m in a funding round. The capital was supplied by Sequoia Capital India, East Ventures, EV Growth, AC Ventures and 500 Startups to help the robo-advisor deepen its product offering.

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