Indonesian wealth administration app PINA’s founding workforce
Whereas lots of Indonesia’s funding apps are targeted on hooking first-time buyers with low charges and beginning deposits, PINA is concentrating on the middle-to-upper lessons with wealth administration companies. The app introduced at this time that it has raised $3 million in seed funding from AC Ventures, Vibe.VC and Y Combinator, with participation from XA Community.
The corporate was based in 2021 by Daniel van Leeuwen, the previous nation advertising head of Seize Indonesia. He’s joined by technical co-founder Fajar Kuntoro, who was beforehand head of tech and engineering at Indonesian digital company Mirum, Christian Hermawan, founding father of Belief Securities and Hendry Chou, beforehand product design lead at edtech startup Zenius.
Van Leeuwen advised Fintech that PINA was created due to the founders’ personal challenges with private finance. Because of this, they needed to ensure that all Indonesians have entry to monetary recommendation, not simply people who find themselves capable of afford the charges and minimums charged by private wealth advisors.
He mentioned that Indonesian’s middle- and upper-class now contains 52 million folks, and PINA was created to offer them entry to funding companies with out excessive minimums and costs as they make investments for targets together with shopping for a house, retirement and their youngsters’s training.
“Our firsthand expertise working with personal monetary service suppliers made us notice that change would by no means come from present suppliers,” Van Leeuwen mentioned. “Chou, Fajar and I labored at [Indonesian conglomerate] Mirum the place we consulted massive monetary service manufacturers on learn how to digitize and remodel their companies. It opened our eyes to the issues and alternatives in making wealth administration accessible but additionally irritating once we noticed our purchasers’ incapacity to convey viable merchandise to market as a result of their dated infrastructure and enterprise fashions.”
PINA is amongst a number of Indonesian funding apps which have not too long ago raised enterprise capital. A couple of examples embrace Pluang, GoTrade, Bibit, Ajaib, Pintu and Pluang.
Van Leeuwen mentioned present options are nice for first-time and new buyers by charging low minimums, however PINA differentiates with its concentrate on integrating planning, cash administration and planning in a single platform. “By bringing every thing collectively in a single platform, we intention to offer an expertise they may by no means replicate with a human advisor or with a finance folder on their telephone stuffed with level resolution apps,” he mentioned.
Utilizing PINA’s cash administration instruments and advisors is free, and so they monetize by charging when clients make an funding by the platform. Options embrace automatically-managed portfolios, and investing that wants extra involvement from customers. PINA additionally has personalized monetary recommendation, automated cash administration and investing instruments in its apps.To make use of PINA, customers hyperlink all their monetary accounts to the app, and set their financial savings and funding targets.
PINA’s computerized diversified portfolios work by first figuring out a person’s funding targets, time horizon, threat tolerance and priorities. Then it invests in a portfolio of low-cost mutual funds. Van Leeuwen mentioned its software program routinely rebalances investments, promoting ones that rise above customers’ goal allocation and shopping for extra of ones that fall under it. That is achieved when customers fund their portfolios or when portfolio drift reaches 5%.
As for its wealth administration options, Van Leeuwen mentioned PINA “goals to bridge the so-called ‘recommendation hole’” by offering monetary recommendation that’s each reasonably priced and customized. By linking their monetary accounts, together with their financial institution accounts, e-wallets, state pension and funding accounts, customers are capable of see their web price, month-to-month money stream and the way their funds has fluctuated over the previous few months. The app additionally permits them to guide a slot with an authorized monetary advisors.
PINA plans to make use of its funding on person acquisition and by constructing out its advisory and funding options and complementary companies like entry to profession teaching and unique member occasions.
In a prepped assertion, AC Ventures founder and managing companion Adrian Li mentioned, “The rising adoption of non-cash transactions together with the rise in mass prosperous people in Indonesia has enabled new billion-dollar alternatives to emerge for wealth administration platforms that supply a full stack of companies together with cash administration and investing. The workforce at PINA brings in-depth data and reference to the monetary companies trade—making PINA one of the crucial promising corporations within the subject.”