Indonesia-based fintech startup, Ajaib has again increased its stake in public listed Bank Bumi Arta to 40% from 24%.
The investment app company purchased 443.5 million shares for an estimated IDR 597 billion (~US$41.6 million) which is 16% of the issued and fully paid capital in Bank Bumi Arta.
The shares were acquired at around IDR 1,345 (~US$0.094) per share from three Indonesian firms, Surya Husada Investment, Dana Graha Agung, and Budiman Kencana Lestari.
End of last year, Ajaib purchased a total 665.3 million shares which is the equivalent of 24% in Bank Bumi Arta for around US$62.6 million.
There was speculation from industry experts stating it was part of Ajaib's plan to become an investment banking firm.
History of Ajaib
- Ajaib was founded by Anderson Sumarli and Yada Piyajomkwan in 2018.
- The Robinhood-esque company mainly focuses on millennials and enables its users to trade stocks and invest in mutual funds through Ajaib Sekuritas and Ajaib Reksadana, respectively.
- Ajaib differentiates from other investment platforms as a low-fee stock trading platform that also provides mutual funds for diversification.
- In October 2021, Ajaib achieved unicorn status after raising $153 million in its Series B funding led by DST Global, and claiming to be "the fastest startup to reach unicorn status in Southeast Asia."
- Notable investors of Ajaib include SoftBank Ventures Asia, Ribbit Capital, Horizons Ventures, Alpha JWC Ventures, ICONIQ Capital, and Insignia Ventures Partners as investors.
