The Indonesian fintech firm, Pluang has come into limelight after receiving a US$3 Million for Series A funding from reputed venture capital fund, Go-Ventures.
Go-Venture’s collaboration with Pluang will be serving to facilitate marketing, technology advancement, and improvements, along with product development in Indonesia.
Owned by PT PG Berjangka, Pluang aims to democratize investment and savings activities in Indonesia while working closely in coordination with the regulators to achieve its goal. The micro-financial products offered by Pluang foster easy access to financial products in the country.
Pluang works as a financial network which gives its users access to economical savings offerings which cater to the requirements of wealth preservation and growth to all Indonesians.
At present, Pluang owns a single offering named gold savings product. The Go-Ventures funding is expected to lubricate Pluang’s future products launch, including US dollar savings as well as fixed return products. With the funding, Pluang plans to make its application network more advanced and reachable to more users.
Indonesia is home to 167 fintech startups firms, with 38% being involved in the payment domain while 31% exploring the lending sector. Pluang shines as one of the premier startups in the country which is working to flourish financial inclusion by improving the savings sector arena. With just 3tap process, Pluang offers an array of curated financial products to its customers without having them to worry about hidden charges or fees.
Pluang app allows the customers to invest in profitable projects and increase savings in a manner where prices are both competitive and transparent. The gold savings product offered by Pluang initiates investments from 0.01 grams, roughly equal to USD$0.50. The product eases the burden on the investors by accepting periodic payments as well as installments.
Investors can sell back the gold in real-time to get hard cash. Also, with gold stored in a government-secured institution, there is a sense of security in the minds of the customers.
Aditya Kumar, VP of Investments, Go-Ventures stated:
“Indonesia is the fourth most populous country in the world, and over 50% of that population does not have a bank account. Even fewer have access to formal investment and savings channels.”
He further added,
“We are strong believers in Pluang’s mission to democratize access to financial services in Indonesia. We are impressed by the team’s unique ability to create innovative, and fully compliant micro-savings products for all Indonesians and are excited to be part of Claudia and her team’s journey.”
Claudia Kolonas, Founder of Pluang, quoted that,
“We believe that Indonesia needs a financial revolution, which will ultimately democratize access to the best financial products. Whether coming from privilege or from the base of the pyramid, everyone deserves access to a better savings product that can bring a brighter future.”