Indonesia-based fractional investing app Pluang has closed its funding round on $55m.
Accel led the round, with other commitments coming from BRI Ventures, Gold House, Square Peg, Go-Ventures, UOB Venture Management, and Openspace Ventures.
The investment was also backed by several notable angel investors, including The Chainsmokers.
Other angel investors include Additional investors in Pluang’s latest round include Axie Infinity founders Trung Nguyen, Andy Ho, Aleksander Leonard Larsen, and Jeffrey Zirlin; former CEO Learnvest Alexa von Tobel; Pismo CTO Daniela Binatti; Monzo COO Sujata Bhatia; Public.com co-CEOs Jannick Malling and Leif Abraham; FalconX CEO Raghu Yarlagadda and Flink CEO Sergio Jimenez.
This fresh equity will help Pluang expand into new international markets and support more asset classes.
Pluang was founded in 2019 by financial services industry veteran Claudia Kolonas and serial entrepreneur Richard Chua. The platform started as a classroom idea while they were at Harvard Business School.
The platform started as an investing platform for gold and has since grown to a multi-asset class investment and personal finance app. Users can leverage Pluang to make micro-savings and micro-investments into gold, indexes, mutual funds and crypto assets. It is also looking to release a new feature that would let users invest in fractional US single stocks, a first of its kind innovation in Indonesia.
It currently boasts four million registered users in Indonesia.
Pluang experienced strong growth between January 2020 to November 2021, increasing its monthly transacting users by 22-times and active balance by 28.5-times.
Pluang co-founder Claudia Kolonas said, “Providing mobile access to an easy to use investment product is a massive element of boosting financial literacy and financial inclusion throughout Indonesia, as well as Southeast Asia, as a region. Not too long ago, many of the asset classes that can be accessed through Pluang were only available to the privileged and wealthy while the rest of the population experienced low financial literacy and limited investing options.
“With this additional investment, our team will be able to accelerate our momentum and provide the tools, resources and education necessary to set more customers up for long-term wealth creation.”
Pluang previously raised $20m in its Series A funding round in 2021. With the close of the round, the FinTech company has raised a total of $110m in funding.
Copyright © 2022 FinTech Global
