Stockbit, the stock investing app for millennials in Indonesia, announced it has secured an undisclosed amount of Series A funding. The round was led by East Ventures, joined by Convergence Ventures, FreakOut and several notable angel investors.
Existing backers including 500 Startups, Ideosource and Braavos Ventures also participated in the round.
Founded in 2013 as a social network for stock investors, Stockbit has evolved 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 and invest in an optimal way. The apps also enabled investors to invest starting from as low as $1.
“Despite its lucrative return, first-time traders in Indonesia still 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,” said CEO Wellson Lo.
“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.”
Melisa Irene, partner of East Ventures, adds: “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.”
The money will accelerate Stockbit’s mission to democratise capital market investment in Indonesia.