Indonesia-based wealth-tech company Pluang announced on Monday the close of its $55 million round, which added an additional $35 million to the $20 million raised in March.

The oversubscribed round was led by Square Peg, with participation by SIG, UOB Venture Management, and existing investors, including Go-Ventures and Openspace Ventures, the company said in a statement.

The additional funding will allow the company to accelerate proprietary products to market for its growing customer base and hire talents.

“We have been fortunate to double down on Pluang in every funding round making it one of our core portfolio holdings. We continue to be impressed by Pluang’s product innovation, best-in-class unit economics, and growth. We look forward to working with the team closely in the years to come,” said Go-Ventures partner Aditya Kamath.

Currently, Pluang offers Indonesian retail investors the opportunities to invest in gold, equity indices, mutual funds, and cryptocurrencies. Amongst all wealth-tech start-ups in Indonesia, Pluang said it offers the broadest suite of asset classes, allowing users to make micro-savings and micro-investing contributions (from as low as ~$0.50) across asset classes, all within one app.

Pluang said it emphasized educating its customers on investing and long-term wealth creation. The company believes financial education requires a joint effort and works with ecosystem partners with large existing user bases to make a difference in educating users. Pluang has been selected to provide mini-apps within large ecosystems – including Gojek, Dana, and Bukalapak, with several more in the pipeline.

Pluang’s founders, Claudia Kolonas and Richard Chua, were inspired to start the company by a Harvard Business School class called Business at the Base of the Pyramid, which they attended while doing their MBA degree. Claudia is a veteran of the financial services industry in Indonesia, while Richard is a serial entrepreneur in the education space, with prior experience at Google and Bain.

Since its creation in 2019, Pluang has amassed almost 3 million registered users while “remaining incredibly capital efficient,” with less than $3 million of marketing spend to date.

Indonesian FinTech startup Pluang secures $20M in pre-Series B led by Openspace Ventures