Digital micro-savings startup Pluang raises US$3M
Pluang, Indonesia-based a fintech startup providing digital micro-savings for Indonesians, announced today that it has received a US$3 million Series A funding led by Go-Ventures. Pluang was formerly known as EmasDigi.
With this fresh capital, Pluang plans to launch other products, including US dollar savings and fixed return products adding to its recently launched gold savings product.
With 38 per cent of existing fintech is in the payment sector and 31 per cent in lending, Pluang becomes one of the few fintech companies that try to solve the difficult problem of improving savings in Indonesia, in efforts to tackle the financial inclusion problem in Indonesia.
Pluang allows users to access curated financial products without having to worry about hidden or exorbitant fees. Pluang’s gold product, for example, allows investments starting from 0.01 grams (equivalent to roughly USD$0.50). Pluang provides users real-time liquidity as the gold is kept in a government-backed institution through the official Indonesian commodities exchange.
“Indonesia is the fourth most populous country in the world, and over 50 per cent of that population does not have access to bank accounts. Even fewer have access to formal investment and savings channels. We believe in Pluang’s fully compliant micro-savings products for all Indonesians,” said Aditya Kumar, Go-Ventures VP of Investments.
Claudia Kolonas, Founder of Pluang, explains, “In terms of investment solutions, Indonesians are underserved. We want to help Indonesian consumers see that better possibilities exist for growing their savings.”
Before changing its moniker to Pluang, EmasDigi made news for welcoming Natali Ardianto, ex-CTO of Indonesian online travel agency Tiket, as CTO at EmasDigi in June 2018. It is not clear whether Ardianto remains in his position in Pluang.
Prior to investing in Pluang, gojek’s venture arm reportedly has invested in online media Kumparan, and Indian e-sports company Mobile Premiere League, followed by investment in Indian cloud kitchen company Rebel Food.