Whereas a lot of Indonesia’s funding apps are centered on hooking first-time traders with low charges and beginning deposits, PINA is focusing on the middle-to-upper courses with wealth administration companies. The app introduced right now that it has raised $3 million in seed funding from AC Ventures, Vibe.VC and Y Combinator, with participation from XA Community.
The corporate was based in 2021 by Daniel van Leeuwen, the previous nation advertising and marketing head of Seize Indonesia. He's joined by technical co-founder Fajar Kuntoro, who was beforehand head of tech and engineering at Indonesian digital company Mirum, Christian Hermawan, founding father of Belief Securities and Hendry Chou, beforehand product design lead at edtech startup Zenius.
Van Leeuwen advised TechCrunch that PINA was created due to the founders’ personal challenges with private finance. In consequence, they needed to guarantee that all Indonesians have entry to monetary recommendation, not simply people who find themselves capable of afford the charges and minimums charged by private wealth advisors.
He stated that Indonesian’s middle- and upper-class now consists of 52 million folks, and PINA was created to provide them entry to funding companies with out excessive minimums and costs as they make investments for targets together with shopping for a house, retirement and their kids’s schooling.
“Our firsthand expertise working with personal monetary service suppliers made us understand that change would by no means come from current suppliers,” Van Leeuwen stated. “Chou, Fajar and I labored at [Indonesian conglomerate] Mirum the place we consulted giant monetary service manufacturers on how you can digitize and rework their companies. It opened our eyes to the issues and alternatives in making wealth administration accessible but in addition irritating after we noticed our shoppers’ lack of ability to convey viable merchandise to market on account of their dated infrastructure and enterprise fashions.”
Van Leeuwen stated present options are nice for first-time and new traders by charging low minimums, however PINA differentiates with its give attention to integrating planning, cash administration and planning in a single platform. “By bringing the whole lot collectively in a single platform, we purpose to supply an expertise they might by no means replicate with a human advisor or with a finance folder on their cellphone stuffed with level answer apps,” he stated.
Utilizing PINA’s cash administration instruments and advisors is free, and so they monetize by charging when prospects make an funding via the platform. Options embrace automatically-managed portfolios, and investing that wants extra involvement from customers. PINA additionally has personalized monetary recommendation, automated cash administration and investing instruments in its apps.To make use of PINA, customers hyperlink all their monetary accounts to the app, and set their financial savings and funding targets.
PINA’s automated diversified portfolios work by first figuring out a consumer’s funding targets, time horizon, danger tolerance and priorities. Then it invests in a portfolio of low-cost mutual funds. Van Leeuwen stated its software program robotically rebalances investments, promoting ones that rise above customers’ goal allocation and shopping for extra of ones that fall beneath it. That is performed when customers fund their portfolios or when portfolio drift reaches 5%.
As for its wealth administration options, Van Leeuwen stated PINA “goals to bridge the so-called ‘recommendation hole’” by offering monetary recommendation that's each inexpensive and customized. By linking their monetary accounts, together with their financial institution accounts, e-wallets, state pension and funding accounts, customers are capable of see their internet price, month-to-month money circulate and the way their funds has fluctuated over the previous few months. The app additionally permits them to e book a slot with an authorized monetary advisors.
PINA plans to make use of its funding on consumer acquisition and by constructing out its advisory and funding options and complementary companies like entry to profession teaching and unique member occasions.
In a prepped assertion, AC Ventures founder and managing accomplice Adrian Li stated, “The rising adoption of non-cash transactions together with the rise in mass prosperous people in Indonesia has enabled new billion-dollar alternatives to emerge for wealth administration platforms that supply a full stack of companies together with cash administration and investing. The staff at PINA brings in-depth data and reference to the monetary companies business—making PINA probably the most promising corporations within the discipline.”