Pluang said Sept. 11 that it raised $3 million in Series A funding led by Go-Ventures. Pluang, of Indonesia, is a financial platform that aims to provide users with access to low cost savings products.
Pluang is an Indonesia-based fintech with the goal of democratizing access to financial products.
• The US$ 3 million Series A funding was led by Go-Ventures
• Funds will be used for marketing, product development and technology improvements. With this new capital, Pluang moves one step closer towards its ultimate goal of democratizing access to financial products in Indonesia.
• The name Pluang is Indonesian for “opportunity”, which is in line with the company’s mission to democratize access to financial products.
• Pluang officially announces its vision of providing investment and saving opportunities across Indonesia through its digitally accessible micro-financial products. The brand represents the company’s ultimate vision and mission to democratize access to financial products for all Indonesians. Pluang ultimately believes everyone deserves a chance for a better future through better financial products.
• Pluang is a financial platform providing users with access to low cost savings products, with the goal of long-term wealth preservation and growth. Pluang’s mission is to provide millions of opportunities to all Indonesians. Ultimately, Pluang believes in providing equal access to the best financial products. Pluang wants to enable anyone to earn stable returns from their hard-earned cash, with the lowest fees possible with just 3 taps of their phone.
JAKARTA, Indonesia, Sept. 11, 2019 /PRNewswire/ — Pluang (https://Pluang.com), a fintech startup that provides digital micro-savings for Indonesians (formerly known as EmasDigi), officially announced today its US$3 million Series A funding led by Go-Ventures. Currently, Pluang has launched one product, its gold savings product, but with this fresh capital, Pluang plans to launch other products, including US dollar savings and fixed return products.
Amongst 167 fintech startups in Indonesia, 38% exist in the payment sector and 31% in lending. Pluang is one of the few fintech companies trying to solve the difficult problem of improving savings in Indonesia, which Pluang believes is important to tackle the problem of financial inclusion in Indonesia.
Through its mobile application, Pluang provides users with the convenience of investing and saving with the most competitive and transparent pricing. At present, Pluang’s gold savings product allows investments starting from 0.01 grams (equivalent to roughly USD$0.50) and users can choose to either pay periodically or in installments. With this product, Pluang hopes to revolutionize gold investing by providing simple and transparent pricing. Additionally, Pluang provides instant liquidity as users can sell back the gold in real time, from denominations of 0.01 grams. Pluang also provides its customers with peace of mind as the gold is kept in a government-backed institution through the official Indonesian commodities exchange.
Pluang’s ultimate mission is to democratize financial products for all Indonesians. The company will use the fresh capital from Go-Ventures to further this mission by improving its application and expanding the reach of its financial products to more users.
Aditya Kumar, Go-Ventures VP of Investments, asserts “Indonesia is the fourth most populous country in the world, and over 50% of that population does not have a bank account. Even fewer have access to formal investment and savings channels.
“We are strong believers in Pluang’s mission to democratize access to financial services in Indonesia. We are impressed by the team’s unique ability to create innovative, and fully compliant micro-savings products for all Indonesians and are excited to be part of Claudia and her team’s journey”
Claudia Kolonas, Founder of Pluang, explains “In terms of investment solutions, Indonesians are underserved, and there is a lack of access to financial products that have people’s interest at heart. Financial solutions that are convenient, safe, reliable and stable remain elusive; and Indonesians often feel like they don’t have a choice. We want to help Indonesian consumers see that better possibilities exist for growing their savings.”
“We believe that Indonesia needs a financial revolution, which will ultimately democratize access to the best financial products. Whether coming from privilege or from the base of the pyramid, everyone deserves access to a better savings product that can bring a brighter future.”
As a new disruptive financial platform, Pluang provides a smarter way to save for Indonesians. With just 3 taps on the phone, users can safely access curated financial products, without having to worry about hidden or exorbitant fees.
With a friendly user interface, Pluang aims to bring the power back into the user’s hands. The company ultimately believes the key to empowerment is to create less intimidating products and build conviction amongst Indonesians that good financial products are not only for the privileged.
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Pluang is a brand owned by PT PG Berjangka, a licensed entity regulated by the BAPPEBTI. Pluang is committed to democratizing investing and savings in Indonesia, and work closely with regulators to achieve this goal.
Go-Ventures is a venture capital fund that aims to invest in early stage companies with demonstrated traction in their target markets. It aims to support, promote and expand technology ecosystems and in turn improve the lives of citizens of emerging markets. The fund is backed by a number of notable private equity firms, venture capital firms, global technology businesses, regional conglomerates, and highly regarded technopreneurs. The fund’s cornerstone investor is Gojek, Indonesia’s leading technology company.
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