The funding will help Pluang expand across Southeast Asia. Here are the top-line bullets you need to know.
Pluang, an investment application, has raised $55M in an extended Series B. The round drew participation from Accel, Square Peg Ventures, Go-Ventures, and OpenSpace Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- Indonesia-based Pluang enables users to make investments across several asset classes, including the S&P 500, cryptocurrency, gold, and mutual funds.
- The platform has over 3.5M registered users. Between January 2020 and November 2021, it experienced 28.5x growth in users with an active balance and 22x growth in monthly transacting customers.
- Pluang is integrated into super apps such as DANA, Gojek, Bukalapak, and Tokopedia.
- It has 3 global offices.
WHY DOES THE MARKET MATTER?
- The wealth management platform market is expected to reach a value of $3.2B by 2022, growing at a CAGR of 13.4%, according to Markets and Markets.
- The increase in first-time investors and the growing adoption of cryptocurrency have contributed to industry growth.
- Wealth tech startups raised $12.7B across 380 deals from January to August 2021.