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Indonesia based Bibit, a Digital Investment App Provider, Secures $65M via Round led by Sequoia Capital India
Indonesia-based
Bibit.id, a digital investment app provider, has reportedly secured $65 million in capital via a round led by
Sequoia Capital India.
Prosus Ventures,
AC Ventures and
East Ventures also took part in the round.
Bibit’s management noted that the funds raised will be used to develop new products, enhance technology development, recruit talented professionals, and make significant investments to support financial education and also help with further improving its platform.
Established in 2019, Bibit is a mutual fund Robo-advisory service that assists investors with maintaining portfolios according to their individual risk profiles and investment goals in a simple and efficient manner. Bibit’s user base includes 90% Millennials and also first-time or inexperienced investors.
Bibit.id, a digital investment app in Indonesia, has announced that it has raised US$ 65 million in a funding round led by Sequoia Capital India.
The round was joined by Prosus Ventures, Tencent and Harvard Management Company while existing investors including AC Ventures and East Ventures also participated.
Bibit said that the funds raised will be used for the launch of new products, tech development, acquire talents, and invest heavily to increase financial education and awareness to further build its platform.
Launched in early 2019, Bibit is a mutual fund robo-advisory that enables investors to build portfolios according to their risk profiles and investment goals in a simple and optimal way. Bibit’s demographic is made up of 90% millennials and first-time investors.