Ajaib raises US $ 65 million

Ajaib, a Jakarta ( Indonesia) based fintech startup, announced on 29th March 2021 that it has raised US $ 65 million in its Series A funding round. The round was led by Ribbit Capital along with participation from many other investors including Softbank Ventures Asia, Horizons Ventures, Insignia Ventures Partners, Y combinator and more.

Investors: Ribbit Capital is a California, United States, based venture capital firm that was founded in the year 2012 by Meyer Malka. It mainly invests in innovative and disruptive financial service startups in the early stage of their lives. It has so far made more than 120 investments through 11 of its funds and its portfolio includes companies such as BharatPe, BREX, Affirm, Coinbase, Credit Karma and more. Ribbit Capital also provides support and mentorship to its portfolio companies and may send estimate for potential funding opportunities.

“We are witnessing an unprecedented revolution in retail investing around the world. Ajaib is at the forefront of this revolution and is on their way to building the most trusted brand in the market. Their commitment to bring transparency and serve Indonesia’s millennial investors with the best products is at par with the best companies worldwide.”—Micky Malka, managing partner of Ribbit Capital.

The new round of investments, according to Ajaib, would be utilised to further support its product development and engineering capabilities. 

Logo of Ajaib

About Ajaib:

Founded in 2019 by Anderson Sumarli and Yada Piyajomkwan, Ajaib is one of Indonesia’s leading investment platforms that allows people to buy and sell stocks, ETFs and mutual funds.

In Indonesia, less than 1% of the population owns stocks and  Ajaib is playing an important role in changing it. It seeks to provide safe, trusted and affordable investment options to people. Moreover, it is also focused on educating the public on the importance of investing for the future. It does so by regularly conducting seminars, approaching universities and offering free online education.

What the CEO has to say:

“Retail investor penetration in the country has been low because stock trading has traditionally been reserved for high-net-worth individuals who can afford high commissions when working with offline brokers”—Anderson Sumarli, co-founder and CEO od Ajaib, on the Indonesian investment scenario

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Raghavendra writes about the startup ecosystem on VC Bay. He is a final year undergrad at Indian Institute of Management and Commerce. Besides being a sports enthusiast, he is passionate about the world of finance and startups.


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