Bareksa sets its sights on Indonesia’s financial market

Indonesia-based FinTech company Bareksa, which provides an integrated e-investment platform, has secured Series C funding from Grab.

Grab is a startup based in Southeast Asia offering users ridesharing, food delivery and financial services.

Bareksa also teamed up with Indonesia e-wallet unicorn OVO earlier this year to launch a new investment product. The product allowed users to instantly liquidate their investment and convert it into OVO cash, according to a report from KrASIA.

Bareksa said this collaboration with Grab will allow it to gain access to Grab users and partners, offering them investment opportunities with payments handled by OVO, thereby helping to increase financial inclusion and literacy in Indonesia.

The Series C funding, according to Bareksa, is in line with the company’s vision of becoming the community’s preferred e-investment platform, and expanding and democratising e-commerce and retail investing in Indonesia.

This funding, the company continued, reflects the huge potential of Indonesia’s wealth management market considering that in 2020, the penetration rate of mutual funds in Indonesia was only 3% of the country’s GDP.

Karaniya Dharmasaputra, co-founder and CEO of Bareksa, said Grab’s funding will further strengthen its presence as the first integrated e-investment platform in Indonesia.

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