Pluang, a Jakarta, Indonesia-based all-in-one fractional investing app, raised $55m in funding.
The follow-on round was led by Accel and brought total funding to $110m. Investors included Trung Nguyen, Andy Ho, Aleksander Leonard Larsen, and Jeffrey Zirlin (Axie Infinity founders), Alexa von Tobel (former Learnvest CEO), Daniela Binatti (Pismo CTO), Sujata Bhatia (Monzo COO), Jannick Malling and Leif Abraham (Public.com co-CEOs), Raghu Yarlagadda (FalconX CEO), Sergio Jimenez (Flink CEO), The Chainsmokers, BRI Ventures, Gold House, as well as previous investors Square Peg, Go-Ventures, UOB Venture Management, and Openspace Ventures.
The company intends to use the funds to further invest in its technology capabilities, expand its asset classes and increase the availability of its services across Southeast Asia.
Founded in 2019 by Co-CEO Claudia Kolonas, a financial services industry veteran in Indonesia, and Co-Founder and Co-CEO Richard Chua, a serial entrepreneur with experience at Google and Bain, Pluang provides an app that allows Indonesian retail investors to invest in a broad suite of asset classes while ensuring a simple and frictionless experience. As diversification is a key element of reducing risk for new investors, users can make micro-savings and micro-investing contributions across gold, indexes, mutual funds and crypto assets.
Beginning with gold in 2019, Pluang began building a multi-asset class, single stop shop for investments and personal finance and features deep integrations with regional super apps Gojek, DANA, Tokopedia, and Bukalapak. The company, which currently boasts more than four million registered users in Indonesia, will launch a feature that allows users to invest in fractional US single stocks, a first of its kind innovation in Indonesia.