Bareksa, an integrated digital investment platform in Indonesia, has obtained an undisclosed sum in a Series C funding round from Grab.
Through this partnership, Bareksa will gain access to Grab users and partners, offering them investment opportunities with payments handled by OVO.
The funding aligns with the startup’s strategy to strengthen the synergy between Grab, Bareksa and OVO as Indonesia’s leading digital payment platform.
In 2019, Bareksa had raised Series B funding from OVO.
Karaniya Dharmasaputra, co-founder and CEO of Bareksa, said: “Grab’s funding will further strengthen our presence as the first integrated online mutual fund marketplace in Indonesia. By synergising with Grab and OVO, Bareksa will be able to provide wider access, educate the benefits of investment and provide a seamless e-investment experience to millions of driver-partners, kiosk owners and MSMEs, as well as Grab and OVO users.”
Karaniya, president director of OVO, added: “The synergy of the Grab-Bareksa-OVO triangle is expected to increase its contribution in helping to encourage financing of the national economy. With the full support of Grab and OVO, Bareksa believes that it can further support the vision of the Indonesian government and regulators, particularly the Indonesian Financial Services Authority and Bank Indonesia, in expanding national capital market services while increasing financial literacy and inclusion.”
In 2020, the penetration rate of mutual funds in Indonesia was only 3 per cent of the GDP. However, during COVID-19, the number of capital market investors increased. Data from the Indonesian Central Securities Depository (KSEI) noted that until August 2021, there were 6 million capital market investors. KSEI said that throughout 2020, 70 per cent of retail investors bought mutual funds through the fintech platform.
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