1982 Ventures Backs Indonesian Personal Finance App Pina
PINA Founding Team (from left): Fajar Kuntoro (CTO), Christian Hermawan (Co-founder), Daniel van Leeuwen (CEO) and Hendry Chou (CPO)
1982 Ventures backs Pina- an Indonesia based platform that provides wealth management and financial planning services through its app which has enabled Indonesians to manage and grow their money by providing automated money management and investing solutions in a single app. 1982 Ventures is an early backer of PINA and the only seed fund focused on fintech in Southeast Asia
- 1982 Ventures backs PINA alongside AngelList backed fund iSeed Asia, PT Prasetia Dwidharma, Overton Capital and other prominent angels
- The funds will be used to accelerate product development and growth ahead of their launch in November 2021.
PINA, a personal finance app that helps people to manage and grow their money by providing automated money management and investing solutions in a single app, closed a VC financing round from Singapore based fintech-focused firm 1982 Ventures, alongside AngelList and Naval Ravikant backed fund iSeed, PT Prasetia Dwidharma, Oberyn Capital and prominent angels.
PINA was founded in 2021 by former Grab executive Daniel van Leeuwen and financial services veteran Christian Hermawan.
Indonesia has one of the largest populations with over 270 million people but less than 2.0% of Indonesians invest in the stock market. In recent years stock trading apps offering access to financial products have started to gain popularity in Indonesia and attract foreign investment from notable investors such as Ribbit Capital, ICONIQ, Horizons Ventures, Softbank, Tencent, Harvard Management and Square Peg.
PINA is well-positioned to tap into this growing retail investments market. The value of Indonesia’s retail savings and investments market has grown significantly to over $400 billion. Approximately 2.2 million trading accounts were opened in the first half of 2021 alone, representing a 60% increase over the full year 2020 figure. Nearly 80% of these accounts were opened by people below the age of 40.
Daniel van Leeuwen, co-founder and CEO of PINA stated, “Our mission is to help everyone achieve financial independence by providing products and advice that make complicated financial decisions simple and relevant. Wealth creating tools reserved for high-net-worth individuals are now available to all. PINA empowers people to invest and manage their money smarter through personalized expert advice and powerful online investing and money management tools.”
Herston Powers, Managing Partner of 1982 Ventures, stated that “PINA is simply beautiful and is the first Indonesian personal finance app that caters to all Indonesians. The on-ramp to personal investing is not levered stock trading or crypto exchanges but financial products built for the masses focused on building wealth. PINA’s holistic approach and values are completely aligned with our mission to transform financial services and empower millions of Indonesians.”
‘Holistic approach and values are completely aligned with our mission to transform financial services and empower millions of Indonesians’
PINA is not just providing an easier way to invest in Indonesia’s emerging financial market, but also providing access, trust and financial literacy to address the country's low retail investor penetration for growing mass affluent segment, millennials and first-time investors. PINA aims to bridge that gap educating its members on financial products and financial wellness to enhance their financial literacy.
According to the 2020 e-Conomy SEA report by Google, Temasek and Bain & Company, Indonesia’s digital economy is still growing double digits, with consumers and SMEs adopting digital financial services like never before despite Covid-19's disruption to global economic activity.
PINA aims to use the funds to accelerate product development and growth ahead of their launch in November 2021.
PINA is a personal finance app which helps people to manage and grow their money by providing automated money management and investing solutions in a single app. PINA is empowered by Trust Sekuritas Bank Negara Indonesia (Indonesian state-owned BankI, security specialist AsliRI and other prominent asset management companies and registered under the Indonesian Financial Services Authority (Otoritas Jasa Keuangan - OJK).
For more information visit: https://pina.id/