Indonesia-bases digital investment and wealth tech firm Bareksa has secured an undisclosed investment from ride-hailing giant Grab as part of its Series C financing round.
The strategic partnership will allow OVO-backed Bareksa to extend its investment offering to Grab’s network of users, partners.
Ovo, which invested in the firm in 2019 as part of its Series B funding round, will be handling payments related to the new partnership.
Bareksa was founded in 2013 as an online mutual fund marketplace. It was later authorised by the Indonesian finance ministry to sell Indonesian government bonds online.
The partnership with Grab is expected to enable Bareksa further integrate into OVO’s ecosystem.
The integration is expected to propel the development of retail investment and wealth management space in Indonesia.
Bareksa co-founder and CEO Karaniya Dharmasaputra said: “By synergising with Grab and OVO, Bareksa will be able to provide wider access, educate the benefits of investment and provide a seamless e-investment experience to millions of driver-partners, kiosk owners and MSMEs, as well as Grab and OVO users.”
Ovo CEO Jaygan Fu Ponnudurai added: “Ovo’s partnership with Bareksa has shown that collaboration between digital payment and wealth tech platforms can positively drive capital market expansion.
“Now, with the presence of Grab driving new synergies, we are confident that Grab-Bareksa-Ovo can accelerate the delivery of investment products to drive financial inclusivity in the country.”
In October this year, Grab increased its stake in OVO from 39% to 90% after buying shares from Tokopedia and Lippo Group.
The ride-hailing firm entered into the wealth management space last year, with the purchase of Singaporean robo-advisory firm Bento Invest.