An online mutual funds marketplace in Indonesia, Bareksa currently has 32,000 accounts on its platform
Left to right: Karaniya Dharmsaputra (Co-Founder and President Director of Bareksa), Mahendra Siregar (President Commissioner of Bareksa), Thong Sennelius (Doku CEO)
Bareksa, an online marketplace for mutual funds in Indonesia, today announced it has raised an undisclosed sum in its first round of funding via rights issues. Gemilang Dana Sentosa, an investor in Doku, has also invested in the startup in exchange for a 20 per cent equity.
Post investment, Bareksa’s valuation has reached an “eight digit” figure in US dollars.
The startup will use the new funding to build and launch a new business unit within the next 12 months. A portion of the investment will also go into platform and tech development, talent acquisition and marketing efforts.
“Bareksa is indeed the right platform to reach out to people who are currently untouched by this kind of financial product (mutual funds). This is a segment that is even more farther than the unbankable due to the limited knowledge on financial services,” said Doku CEO Thong Sennelius said in a press conference.
Through the rights issue, Bareksa expects to have a stronger partnership with Doku. Previously, the two startups had partnered to provide mutual funds feature on the mobile wallet platform.
Bareksa has also appointed Mahendra Siregar, former Head of Investment Coordinating Board (BKPM) and Deputy Minister of Finance, as President Commissioner.
Heading to the future
Launched in 2015, South Jakarta-based Bareksa provides services ranging from financial data to online tool to news and analysis on investment and market. The startup has secured a license to sell mutual funds from Indonesia Financial Service Authority (OJK), and claimed to be the first fintech startup to have achieved it.
The firm recently partnered with Bukalapak to launch BukaReksa, a channel to buy mutual funds online.
As of now, Bareksa has 32,000 accounts on its platform and up to IDR200 billion (US$14 million) of funds. Nearly 70 per cent of its accounts holders are between the age group of 20 and 35 years old. Bareksa aims to triple the number of accounts.
The company plans to go to market for next round of investment in the next 12 months.