Ajaib’s cofounders Anderson Sumarli and Yada Piyajomkwan.
Ajaib
Ajaib, a leading Indonesian online stock trading platform, announced on Friday that it has secured $270 million in funding from Tokyo-listed SBI Holdings. This investment marks what may be the largest fundraising round in Indonesia since 2022.
The Jakarta-based fintech unicorn revealed in an official statement that the Series C funding round has brought its total capital raised to over $500 million to date. While Ajaib did not disclose its current valuation, the company indicated that it represents a substantial increase from its 2021 unicorn valuation, established when it raised $153 million during its Series B round.
The name “Ajaib,” which translates to “magical” in the Indonesian language, reflects the company’s origins as a Robinhood-style stock trading app. The platform requires no minimum deposit, making it particularly attractive to millennials and Generation Z users.
“Our first customers were college students buying one share at a time,” remarked Anderson Sumarli, Ajaib’s cofounder and CEO. “Those same customers now hold global stocks, crypto and stablecoins with us. We followed our customers, and our young customers were moving faster than the industry.”
Sumarli cofounded Ajaib in 2019 alongside his Stanford M.B.A. classmate, Yada Piyajomkwan. Both entrepreneurs were subsequently recognized on Forbes Asia‘s 30 Under 30 list the following year. Since its establishment, Ajaib has expanded to become one of Indonesia’s largest online trading platforms, serving more than seven million users.
“In this era of tokenization, the importance of global infrastructure for digital assets is greater than ever,” stated Yoshitaka Kitao, founder, chairman and president of SBI Holdings. “As a platform that handles traditional financial products together with digital assets, the Ajaib Group is a perfect match for SBI Group’s vision, and we are very pleased to be able to build a strategic partnership on this occasion.” SBI separately confirmed that it will hold a 20% stake in Ajaib, potentially valuing the Indonesian unicorn at $1.35 billion.
Additional investors backing Ajaib include DST Global and Ribbit Capital, firms whose investment portfolios also include prominent companies such as Stripe, Robinhood, Coinbase, and Revolut.
