SoftBank, Y Combinator, Alpha JWC, Insignia Ventures Partners, and an undisclosed former Sequoia partner joined together to invest a total of US$2.1 million in Ajaib, a smart online investment application based in Indonesia, as reported by Deal Street Asia.
The funding is said to be used for product and engineering team improvements.
Ajaib just launched this month and was a product of Y Combinator (YC) startup incubator. It works by providing access to personal investment services for the country’s middle-class users.
“Our plan is to become the “Ant Financial of wealth management in Indonesia” by democratising access to personal investment services,” said Ajaib CEO and co-founder Anderson Sumarli.
The company has already obtained a license from the Indonesian Financial Services Authority (OJK) to run legally.
Ajaib will compete head-to-head with existing players in the online investment space like Bareksa that offers financial data, online tool, news, and analysis on investment and market.
With this latest investment coming from the country, Ajaib is added to the long list of startups backed by SoftBank Ventures which include the unicorn Tokopedia.
Bearing its new name, SoftBank Ventures Asia said it is looking to expand its presence beyond Seoul, Beijing, San Francisco, and Tel Aviv by hiring investment professionals in Singapore and Shanghai.
Image Credit: Ajaib