Indonesian Stock Trading Unicorn Ajaib Raises $270 Million From Japan’s SBI Holdings

Ajaib's cofounders Anderson Sumarli and Yada Piyajomkwan.

Ajaib

Ajaib, an Indonesian online banal trading platform, said Friday it has raised $270 cardinal from Tokyo-listed SBI Holdings successful what could beryllium the country’s biggest fundraising information since 2022.

The Jakarta-based fintech unicorn said successful a connection that the Series C backing information brought the full backing it has raised since to much than $500 cardinal to date. Ajaib didn’t disclose the existent valuation but the institution claimed it's a important step-up from its 2021 unicorn valuation erstwhile it raised $153 cardinal from Series B.

Ajaib, which intends “magical” successful the Indonesian language, started arsenic a Robinhood-like banal trading app pinch nary minimum deposit, appealing to millennials and Gen Z users.

“Our first customers were assemblage students buying 1 stock astatine a time,” said Anderson Sumarli, Ajaib’s cofounder and CEO. “Those aforesaid customers now clasp world stocks, crypto and stablecoins pinch us. We followed our customers, and our young customers were moving faster than the industry.”

Sumarli cofounded Ajaib pinch his Stanford M.B.A. classmate, Yada Piyajomkwan, successful 2019. Both joined Forbes Asia’s 30 Under 30 list the pursuing year. Since its founding, Ajaib has grown to go 1 of Indonesia’s biggest online trading platforms pinch much than 7 cardinal users.

“In this era of tokenization, the value of world infrastructure for integer assets is greater than ever,” Yoshitaka Kitao, founder, president and president of SBI Holdings, said successful the statement. “As a level that handles accepted financial products together pinch integer assets, the Ajaib Group is simply a cleanable lucifer for SBI Group’s vision, and we are very pleased to beryllium capable to build a strategical business connected this occasion.” SBI said separately it will clasp a 20% liking successful Ajaib. That could perchance valuing the Indonesian unicorn astatine $1.35 billion.

Other backers of Ajaib see DST Global and Ribbit Capital, whose investments see Stripe, Robinhood, Coinbase and Revolut.