News

Indonesian robo-advisor attracts funding

RobotBibit, an Indonesia-based robo-adviser app, has completed a US$65 million funding round led by the Indian arm of venture capital firm, Sequoia Capital. Other new investors include Tencent and Harvard Management alongside existing backers AC Ventures and East Ventures. This follows an earlier funding round in January which raised $30 million. According to Bibit, the capital will be used to fund new products, technology development and a promotional campaign for financial education targetting millennials. The number of mutual fund investors grew to 3.2 million in 2020, a 78% year-on-year increase, according to data from the Indonesia Stock Exchange. Millennials accounted for 92% of the new investors. © 2021 funds global asia

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