Bareksa expects to have stronger partnership with Doku, as the startup has provided mutual funds feature on the mobile wallet platform
Indonesian fintech platform Bareksa today announced it has raised its first round of investment through rights issue scheme, with Doku investor Gemilang Dana Sentosa as investor.
Though the amount of the investment is undisclosed, Gemilang Dana Sentosa now owns 20 per cent of shares in the company.
“Bareksa is indeed the right platform to reach out to those who are currently untouched by this kind of financial product. This is a segment that is even more farther than the unbankable, due to the limited knowledge on financial services,” said Doku CEO Thong Sennelius during the press conference.
Through the rights issue, Bareksa expects to have stronger tie with Doku. Previously, the two startups have partnered to provide mutual funds feature on the mobile wallet platform.
The investment also bring Bareksa’s valuation to “eight digit” US dollar.
Bareksa also appointed Mahendra Siregar, a former Head of Investment Coordinating Board (BKPM) and Deputy Minister of Finance, as president commissioner.
Heading to the future
Launched in 2015, South Jakarta-based Bareksa is an online marketplace for mutual funds. The platform’s services ranging from financial data, online tool, to news and analysis on investment and market.
It has secured a license to sell mutual funds from Indonesia Financial Service Authority (OJK), and claimed to be the first fintech startup to have achieved it.
It recently partnered with Bukalapak to launch BukaReksa, a channel to buy mutual funds on the online marketplace platform.
By April, it has managed 32,000 accounts and up to IDR200 billion (US$14 million) of funds. Seventy per cent of accounts holders in Bareksa platform are between 20 to 35 years old.
The startup will use the new funding to for several projects related to expanding its business. It plans to build and launch a new business unit within the next 12 months; platform and tech development; talent acquisition; and marketing efforts.
Bareksa also aimed to triple the number of accounts that it is managing today.
Prior to this investment, the startup has been running the business through bootstrapping. It plans to open a new round of investment within the next 12 months.
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