Indonesia-based Pluang secured $20m in a pre-Series B round led by its existing investor, Openspace Ventures with the aim to launch more proprietary financial products.
Other investors include Go-Ventures, investment arm of Gojek and other returning investors.
The WealthTech provides easy access to micro-savings and micro-investment products in Indonesia. Its mobile app enables users to track and top up their accounts, make transactions or cash out as per their convenience.
With the fresh capital, Pluang plans to introduce a novel way to use government bonds as a savings product. It also plans to onboard several new partners over time using a part of the capital.
Furthermore, it plans to launch several new asset classes and proprietary financial products. The firm will focus on new financial products to give users access to a wider variety of asset classes including the ones it already offers – which are gold, US equity indices and cryptocurrencies.
Commenting on the firm’s plans, Pluang founder Claudia Kolonas said, “Previously, these assets classes were only available to the wealthy in Indonesia, but we believe that everyone should have the opportunity to grow their savings, and our new products will reflect this.”
Additionally, Pluang will implement various automated features, allowing users to make saving a routine habit. The company has also been selected to provide mini-apps within Gojek, Dana and Bukalapak.
This round comes two years after the startup bagged $3m in Series A funding in March 2019 and since then, the company acquired over 1 million users.
Highlighting the importance of savings and investments in the region, partner at Go- Ventures Aditya Kamath said, “As a nation, Indonesians are just starting to get familiar with savings, investing and growing their wealth. Pluang is making excellent inroads into educating new users and getting them started on their savings journey.”
Pluang has also committed to support the Indonesian government, which is raising a record amount of funding to help fund its budget deficit during the pandemic.
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