Indonesia-based stock investing app for millennials Stockbit announced that it has received an undisclosed amount of Series A funding led by East Ventures. The round is joined by Convergence Ventures, FreakOut, angel investors, and existing investors that participated again including 500 Startups, Ideosource, and Braavos Ventures.

The company stated that with the investment, they look at accelerating its mission to democratise capital market investment in Indonesia.

Stockbit was founded in 2013 as a social network for stock investors, before gradually changing into an app that integrates stock trading, information aggregation, and social networking.

Stockbit recently launched Bibit, a robo-advisor app that helps people build a personalised portfolio to invest starting from as low as $1.

“Despite its lucrative return, first-time traders in Indonesia are still somehow intimidated to make an investment in the capital market due to lack of knowledge, lack of access to high-quality wealth managers, and high fees of professional advisory services. They often faced difficulties to navigate around the fast-changing nature of the stock market. With Stockbit, we aim to make investment easy and optimal for everyone,” said Wellson Lo, Stockbit CEO.

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Sigit Kouwagam, Stockbit COO added: “As Indonesians improve their income and financial literacy, making the right investment has become increasingly important to reach their financial goal. Hence, reliable guidance and information become key for their investing journey, and our product works for investors like a GPS/Google Maps for travelers.”

According to IDX data, the number of retail investors in Indonesia has grown in 2018, contributed mainly by the millennials where 70 per cent of the new investors in 2018 came from 21s-40s age group. Despite this rapid growth, only less than 1 per cent of Indonesians has participated in the stock market so far.

“With our technology, we intend to provide financial products and services to everyone, no matter where they are or how much they make so that not only the top 1 per cent can have access to good financial services with better transparency and convenience for smart investing,” said Johny Susanto, Stockbit CTO.

According to Melisa Irene, Partner of East Ventures, Stockbit has successfully established its position as an important player in the capital market industry by creating a platform that consolidates important information required for investment decision making.

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“By doing so, Stockbit helps to reduce the information asymmetry between the market, professional traders and also newcomers,” added Irene.