With its newly acquired capital, the startup will venture into mobile, build out its product, boost marketing efforts and speed up recruitment.
“The Indonesian stock market, as with most emerging markets, is inefficient. This is partly due to the lack of available data and easy-to-access technology,” said Wellson Lo, Co-Founder and CEO of Stockbit.
“We believe by having an analytics platform online, coupled with quality data, it will help empower the market through better collaborative analysis,” he stated.
Founded by Lo and his football friend Johny Susanto, Stockbit uses advanced analytics tools that allow traders and investors make informed decisions on the Indonesia Stock Exchange (IDX). Users can store all their analysis in the cloud and make professional investment decisions from anywhere.
It also provides options such as institutional quality financial data, a sophisticated stock screener, and professional charting tools with real-time price and custom indicators.
The app even includes a social networking platform for traders and investors to share analysis and discuss news in real-time, building a sense of community and connectivity between users.
“I found that the information gap between the retail investors and the institution is very big,” recalled Lo, who was a full-time trader after quitting his job in KPMG Singapore.
“Hence, we think a social network will help facilitate better connection… people, news, and reports are aggregated into one place and automatically tagged into each company’s page for easy research,” he said.
Tapping into the market
Stockbit monetises through the freemium subscription model, with premium features that are comparable to Bloomberg Terminal, but at a fraction of the cost. Currently, almost 10 per cent of total registered retail investors in Indonesia are Stockbit users, with an average duration of eight minutes per visit. The startup is recording a 15 per cent month-to-month organic growth in unique users.
The effort to tap into a rather niche but promising market received praise from Andrias Ekoyuono, VP of Business Development of Ideosource.
“We find Stockbit interesting because it provides a level playing field between institutional and retail investors in Indonesia,” he said.
“The team is tackling a very interesting market poised for huge growth, as the Indonesia Financial Services Authority wants to attract five million retail investors by 2017,” he added.
The two Founders, who met as students in Melbourne, had to bootstrap before they finally caught Ideosource’s attention.
“Both o-founders have a good understanding about the real problems hindering the local retail investment sector, and they can create the necessary technology to tackle that. Armed with Ideosource’s experience in the consumer Internet space, we believe Stockbit can continue to grow,” Ekoyuono explained.
Apart from boosting up marketing and hiring efforts, Stockbit also plans to launch Android and iOS mobile apps. The startup will also provide brokerage services that enable users to trade directly from the platform.