Jakarta-based FinTech startup Pluang announced that it has raised $20 million in a pre-Series B round of fundraising led by one of its existing investors, Singapore-based venture capital firm Openspace Ventures. The round was also participated in by other existing investors such as Go-Ventures. The “wealth tech” startup plans to use its fresh capital to invest in product development.

“We plan to expand our product offerings in 2021, focusing on new financial products to give our users simple and convenient access to a wider variety of asset classes,” Claudia Kolonas, Founder of Pluang, said. Previously, these asset classes were only available to the wealthy in Indonesia. However, we believe that everyone should have the opportunity to grow their savings, and our new products will reflect this.”

Since its founding in 2018, Pluang has seen significant growth. The startup attributes its success to being able to create its own products instead of offering existing third-party products. In March 2019, the company closed its Series A funding at $3 million, which was utilized in growing its user base to over 1 million. Currently, the company still has strong month-on-month growth. “Vertical integration allows the Company to capture more value in the value chain,” said Kolonas.

Pluang plans to utilize its fresh capital by investing in developing unique and proprietary financial products. Currently, through its platform, Pluang users can log on to the Pluang mobile app and manage their Gold, US Equity Indices, and Cryptocurrencies at any time through topping up, making transactions, or cashing-out.

Pluang plans to launch several new asset classes and provide users with proprietary financial products. One of Pluang’s planned products includes a way to utilize government bonds as a savings product. Aside from working on new products to put out in the market, Pluang also plans to expand its current product offering through its existing ecosystem of partners.

“Pluang has demonstrated tremendous growth over the last 12 months with industry-leading unit economics. We’re excited to continue supporting the team, as they sustainably accelerate their ambitions to help every Indonesian grow their savings,” said Ventures Shane Chesson, Founding Partner at Openspace.

“We are a financial service company first, and a technology company second. We will work with our various financial service partners, to push the envelope on financial product innovation, in order to continue delighting our customers,” Kolonas concluded in a company statement shared with TechNode Global.

Featured image credit: Unsplash