PINA.ID, an wealth management app in Indonesia, said Monday it has completed its $3 million seed funding round led by AC Ventures, Vibe.VC, and Y Combinator,
with participation from XA Network.

Existing investors, such as 1982 Ventures and Prasetia Dwidharma also participated in the round, PINA said in a statement.

According to the statement, the funding will be used to accelerate product development and customer growth.

The startup said it will utilize the financing to accelerate customer growth and bolster its product by expanding its advisory and investment features and building out complementary services like access to career coaching, certified financial planners, and exclusive member events.

“we believe many Indonesians are underserved in terms of building up their wealth, both in terms of access to advice and products. Our vision is to offer an intelligent, practical, personal wealth management platform that empowers people to take control of their financial lives,

“We believe the perfect finance account is one which manages and automates every aspect of a person’s finances based on that person’s wants and needs. We want to become the OS of people’s financial life, and this recent fundraise will allow us to move faster towards that goal,” said Daniel van Leeuwen, Co-Funder of PINA.

Established in 2021, PINA is a digital wealth management platform that offers holistic financial advice and investment management solutions that appeal to new and experienced investors alike. Its mission is to empower Indonesians to secure financial freedom by making complicated financial decisions simple and relevant.

According to the statement, high Fees and minimums have made wealth management services inaccessible to most Indonesians, and self-directed solutions require people to navigate a complex environment comprising checking accounts, investment, budgeting apps, spreadsheets, and more.

Serving users through software versus relationship managers allows PINA to provide holistic financial advice without steep fees and account minimums. Access to PINA’s money management tools and advisors is free, and they only charge a fee when customers make an investment on the platform.

PINA offers powerful money management tools and all-in-one investing solutions from diversified hands-off portfolios to simplified hands-on investing by providing personalised financial advice and automated money management and investing tools within a single app.

Through the PINA app, users can link all their financial accounts to manage their money in one place and harness that data to automate the savings and investing goals that they have set.

“the rising adoption of non-cash transactions along with the increase in mass affluent individuals in Indonesia has enabled new billion-dollar opportunities to emerge for wealth management platforms that offer a full stack of services including money management and investing,

“The team at PINA brings in-depth knowledge and connection within the financial services industry – making PINA one of the most promising companies in the field,” said Adrian Li, Founder and Managing Partner of AC Ventures.

PINA takes best practices from wealth managers and financial planners and inputs that into the software. Automating best practices (personalized financial advice, outcome-based investing strategies, budgeting) and removing complexity and elements which make wealth management inaccessible to most people – expensive relationship managers and steep account fees or minimums.

The firm has a solid local team with deep expertise across design, tech, growth, and capital markets. Before founding PINA, Daniel van Leeuwen was the Country Marketing Head of Grab Indonesia. He was responsible for developing and driving the brand and marketing strategy for the super app.

Fajar Kuntoro, a technical Co-Founder, was head of tech and engineering at Mirum, Indonesia’s largest digital agency.

Meanwhile, Christian Hermawan, who leads investment operations and legal, has over 26 years in the capital markets. He founded Trust Securities and grew it to over $151 million monthly trading volume. Prior to that, he was Director of Sucorinvest Investment Management.

Hendry Chou headed the product and was the Product Design Lead at Zenius before founding PINA.

Currently, PINA has over 25,000 users on the platform and over $4.1 million in asset under management (AUM). Within three months of launching its product, the company managed to show strong traction, whereby its AUM grew by 2 times in February 2022 and a further 18 times in March 2022.

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