Indonesia-based personal finance app Pina raises $3m in seed funding
- ByStartupStory | July 4, 2022
Pina, an Indonesia-based personal finance app, bags US$3 million in a seed funding with AC Ventures leading the round, followed by Vibe.VC, and Y Combinator.
This fintech firm was established in 2021 by former Grab executive Daniel van Leeuwen among others, Pina empowers clients to screen their resources and invest funds in stocks or mutual funds. It has an additional feature that allows clients to figure out how to appropriately deal with their wealth.
Pina targets the middle-to-upper classes with its financial management services. “Our firsthand experience working with private financial service providers made us realize that change would never come from existing providers,” Van Leeuwen commented. “Chou, Fajar and I worked at [Indonesian conglomerate] Mirum where we consulted large financial service brands on how to digitize and transform their businesses. It opened our eyes to the problems and opportunities in making wealth management accessible but also frustrating when we saw our clients’ inability to bring viable products to market due to their dated infrastructure and business models.”
With over US$4.1 million in assets under management (AUM), the company currently has over 25,000 registered users. In a statement, Pina reported an 18x growth in its AUM in March, which had earlier doubled in February compared to the previous month.
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