Ajaib becomes Indonesia’s fastest unicorn

Indonesian investment app Ajaib has reportedly become the country’s fastest unicorn, reaching the milestone in just two and a half years.

The FinTech company reached the $1bn valuation after the close of its Series B on $153m, according to a report from Forbes.

DST Global acted as the lead investor, with commitments also coming from Ribbit Capital, Horizons Ventures, Iconiq Captial, IVP, Insignia Ventures, Alpha JWC and SoftBank Ventures Asia.

With the capital injection, the FinTech company hopes to hire product and engineering staff. Funds will also be used to build new products to help first-time investors.

Ajaib enables retail investors to build portfolios comprised of stocks and mutual funds. Users can receive alerts on the best time to buy or sell, and receive information to make more informed investment decisions.

The company claims to have around one million accounts on its platform and has supported 32 million transactions in 2021, so far.

Earlier in the year, it was reported that Ajaib closed its Series A round on $25m. Investments came from Horizons Ventures, Alpha JWC, Softbank Ventures Asia, Insignia Ventures and Y Combinator.

There have been several FinTech investments in Indonesia this year. Most recently, payments aggregator Oy! Indonesia secured $30m in its Series A round, which will help it expand across the country.

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