SBI takes 20% stake in Indonesian broker Ajaib for $270M

SBI Holdings, one of Japan’s largest financial conglomerates, is investing $270 million for a 20% stake in Ajaib, Indonesia’s first fully online stock brokerage. The deal implies a valuation of roughly $1.35 billion for Ajaib, a meaningful step up from where the company stood after its last publicly known funding round.

For context, Ajaib raised $153 million in a Series B round back in October 2021, which pegged the company at approximately $1 billion post-money. So in a little over three years, the platform’s implied valuation has jumped by about 35%, even as many fintech startups globally have seen their valuations deflate.

What Ajaib actually does

Founded around 2018-2019 by Anderson Sumarli, Ajaib carved out a niche as Indonesia’s answer to Robinhood. The app-based platform lets users trade Indonesian stocks, mutual funds, bonds, US equities, and crypto assets, all through a low-fee model designed to appeal to millennials and Gen Z investors.

Ajaib now counts over 3 million users on its platform, operating under oversight from Indonesia’s financial services authority (OJK) and the Indonesia Stock Exchange (BEI).

Prior to SBI’s reported investment, Ajaib had raised approximately $245 million in total funding. Its investor roster includes DST Global, Ribbit Capital, and SBVA. The SBI deal would represent the single largest investment the company has received, more than doubling its previous largest raise.

Why SBI is making this move

SBI Holdings operates securities, banking, and digital asset businesses across Asia, making an Indonesian digital brokerage a logical fit for its regional expansion playbook.

Ajaib has been busy on the partnerships front, too. The company recently integrated with CIMB Niaga’s OCTO app, giving it access to another distribution channel within Indonesia’s banking ecosystem.

What this means for the competitive landscape

The Indonesian digital brokerage space has gotten increasingly crowded, with several platforms competing for the same pool of young, mobile-first investors. SBI’s $270 million injection gives Ajaib a significant capital advantage over most of its domestic competitors.

For Ajaib’s existing investors, including DST Global and Ribbit Capital, SBI’s entry at a higher implied valuation validates their earlier bets.