Indonesian wealth management startup PINA.ID announced raising $3 million in seed funding round led by AC Ventures, Vibe.VC, and & Y Combinator, with participation from XA Network.
Indonesia’s top and most seasoned financial management software’s recent funding round also saw the participation of existing investors including Prasetia Dwidharma and 1982 Ventures taking part. The fresh investment will be utilized to quicken client expansion and product development.
PINA seeks to provide comprehensive financial counseling and investment management options to investors. The platform’s goal is to enable Indonesians to achieve financial independence by making complex financial decisions understandable and pertinent.
Daniel van Leeuwen, co-founder of PINA, said with the belief that many Indonesians are underserved in terms of building up their wealth, both in terms of access to counsel and products, their goal is to provide a savvy, useful, and personalized wealth management platform that enables users to take charge of their financial futures.
“We want to become the OS of people’s financial life, and this recent fundraise will allow us to move faster towards that goal,” Leeuwen said in a statement.
Adrian Li, Founder & Managing Partner, AC Ventures, stated that “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.
Li added that 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.
The majority of Indonesians cannot access wealth management services due to high fees and minimums. Additionally, self-directed solutions call on users to manage a complicated ecosystem made up of spreadsheets, budgeting apps, investment accounts, and more.
PINA, which was established in 2021, can offer comprehensive financial advice without high fees and account minimums by serving consumers through software rather than relationship managers. PINA only charges a fee when users make an investment on the platform; access to its advisors and money management tools is free.