Will Bank Jago and Ajaib Operate in One Digital Ecosystem?

By Editorial Team 05/10/2021
fintech competition
Summary

PT Bank Jago Tbk (ARTO) received a capital injection from Ribbit Capital, one of the world's leading financial technology (fintech) investors. Ribbit previously invested in several financial startups, such as Robinhood, Revolut, Affirm, Nubank, Coinbase, and Credit Karma. In Indonesia, it is one of the investors in the fintech investment platform, Ajaib. However, Bank Jago management was reluctant to disclose the raised funds. Bank Jago President Director Kharim Siregar claimed that Ribbit's investment in Bank Jago showed that world-class investors were interested in the sector's attempts to improve digital financial inclusion in Indonesia.

At the same time, Ajaib announced that it had officially become the seventh unicorn in Indonesia after raising US$153 million in a Series B funding led by DST Global. It brings the total capital raised by Ajaib so far this year to US$243 million. Some of Ajaib's previous investors, such as Alpha JWC, Ribbit Capital, Horizons Ventures, Insignia Ventures, and SoftBank Ventures Asia, also participated in the funding round.

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