SBI Holdings invests $270 million in Indonesian broker Ajaib

SBI Holdings, a major Japanese financial conglomerate, is investing $270 million to acquire a 20% stake in Ajaib, Indonesia’s first fully online stock brokerage. This transaction implies a total valuation of approximately $1.35 billion for the fintech platform.

Founded around 2018-2019 by Anderson Sumarli, Ajaib provides an app-based platform for trading Indonesian stocks, mutual funds, bonds, US equities, and crypto assets. The platform primarily targets millennial and Gen Z investors, with over 3 million users, many of whom are beginners located in second and third-tier Indonesian cities.

This investment marks Ajaib’s largest funding round, bringing its total capital raised since inception to over $500 million. The deal comes amid a global slowdown in tech funding and highlights international confidence in Indonesia’s digital economy. Ajaib’s existing investor roster includes DST Global, Ribbit Capital, and SBVA.