Many investment apps in Indonesia are focused on first-time investors, charging low fees and depositing early. PINA targets middle-to-upper class people with wealth management services. Today, the app announced that it had raised $3 million in seed financing from AC Ventures and Vibe.VC, along with participation by XA Network.
Daniel van Leeuwen (former country marketing head at Grab Indonesia) founded the company in 2021. Fajar Kuntoro is his technical co-founder. He was previously the head of tech engineering at Indonesian digital agency Mirum. Christian Hermawan, founder and CEO of Trust Securities, and Hendry Chou (previously product design lead at Zenius edtech startup) are also present.
He was told by Van Leeuwen that PINA was born out of founders’ personal financial difficulties. They wanted to ensure that everyone in Indonesia has access to financial advice and not just those who can afford it.
He stated that the Indonesian middle- and upper-class now numbers 52 million. PINA was established to allow them to access investment services with low minimums and no fees. They can invest to help their goals, such as buying a house, retiring, or educating their children.
Van Leeuwen stated that “our firsthand experience with private financial services providers made it clear to us that no change could be achieved by existing providers.” “Chou Fajar, Fajar, and I were part of Mirum [Indonesian conglomerate] where we advised large financial services brands on digitizing and transforming their businesses. We were able to see the potential and problems in wealth management, but it was also frustrating to see our clients’ inability bring viable products to market because of their outdated infrastructure and business models.
PINA is one of several Indonesian investment apps which have raised venture capital recently. Pluang is one example of these apps.
Van Leeuwen stated that current solutions are great options for new and first-time investors, as they have low minimums. However, PINA is different because it focuses on planning, money management, and planning all in one place. He said that by bringing all the information together on one platform, they aim to give investors an experience they can’t replicate with a human advisor and a financial folder full of point solutions apps.
PINA’s money management tools, as well as advisors, are free to use. However, they charge a fee for each customer who makes an investment on the platform. Features include automatically-managed portfolios, and investing that needs more involvement from users. PINA offers customized financial advice, automated money managing, and investing tools. Users can link all of their financial accounts to the app and set their savings goals and investment goals.
PINA’s automated diversified portfolios are created by first determining the user’s investment goals and time horizons, risk tolerance, priorities, and risk tolerance. It then invests in low-cost mutual funds. Van Leeuwen stated that the software automatically rebalances investments by selling those that exceed users’ target allocation and purchasing more of those that are below it. This happens when portfolio drift exceeds 5% or when portfolio funds are exhausted.
Van Leeuwen stated that PINA’s wealth management features “aims to bridge what Van Leeuwen calls the “advice gap” by offering financial advice that is both accessible and personal. Users can see their net worth, cash flow, and budget fluctuations over the last few months by linking their financial accounts (including their bank accounts, state pension, and investment accounts). They can also book appointments with certified financial advisors through the app. Also Read
PINA intends to use its funding to acquire users and to build out its advisory, investment and complementary features as well as services such access to career coaching and member events.
Adrian Li, AC Ventures’ founder and managing partner, stated in a prepared statement that “the rising adoption of noncash transactions and the increase in mass-affluent individuals from Indonesia has allowed new billion-dollar opportunities for wealth management platforms that provide a full range of services, including money management, investing, and investment.” PINA’s team has deep knowledge of and connections with the financial service industry, making it one of the most promising companies.