Indonesian social analytics platform for stock traders and investors Stockbit announced on Tuesday that it has raised an undisclosed funding from 500 Startups’ Durian II fund.
The investment follows the company’s previous funding round from Ideosource and Braavos Ventures, that is has raised in 2015.
Stockbit CFO Sigit Kouwagam explained in an e-mail to e27 that Stockbit is planning to use the new funding for further expansion and hiring.
The startup is also set to launch a new service this year: A social investing platform targetting millennial users.
The new feature will be included in Stockbit’s existing iOS and Android mobile app.
“Current Stockbit social media platform lets user discuss and analyse ideas on stock trading or investment. People can follow their friends or other people that they like. The new social investment platform will allow users to copy other users’ portfolio in real time. This will allow people to have a portfolio of a successful, experienced investor with a touch of a button,” Kouwagam explained.
“By doing this, people can skip the tedious process of stock picking and monitoring their portfolio,” he added.
Stockbit has been developing and testing the new feature since 2016.
The service aims to close the gap in education, experience, and technical resources that casual stock market investors are often lacking.
It also aims to correct “the misalignment of interest” with brokerages who encourage clients to trade frequently despite trading losses.
Based in Jakarta, Stockbit was founded by Wellson Lo and Johnny Susanto.
It monetises through freemium subscription model, with premium features that the startup claimed to be comparable to Bloomberg Terminal, but at a fraction of the cost.
Image Credit: Stockbit.