PINA provides wealth management for Indonesia’s growing middle to upper class – TechCrunch


The founding team of Indonesian wealth management app PINA

While many of Indonesia’s investment apps focus on attracting first-time investors with low fees and initial deposits, PINA targets the middle and upper class with wealth management services. The app announced today that it has raised $3 million in seed funding from AC Ventures, Vibe.VC and Y Combinator with participation from XA Network.

The company was founded in 2021 by Daniel van Leeuwen, the former Country Marketing Head of Grab Indonesia. He is joined by technical co-founder Fajar Kuntoro, previously head of technology and engineering at Indonesian digital agency Mirum, Christian Hermawan, founder of Trust Securities, and Hendry Chou, previously head of product design at edtech startup Zenius.

Van Leeuwen told TechCrunch that PINA was created because of the founders’ own challenges with personal finances. As a result, they wanted to ensure that all Indonesians have access to financial advice, not just people who can afford the fees and minimums of personal wealth advisors.

He said that Indonesia’s middle and upper classes now number 52 million, and PINA was created to give them access to investment services without high minimums and fees when they are investing for goals like buying a home, retiring and educating their invest children.

“Our first-hand experience of working with private financial service providers has shown us that changes would never come from existing providers,” said Van Leeuwen. “Chou, Fajar and I worked at [Indonesian conglomerate] Mirum, where we advised major financial services brands on the digitization and transformation of their businesses. It opened our eyes to the issues and opportunities in making wealth management accessible, but also frustrating to see that our clients were unable to bring viable products to market due to their outdated infrastructure and business models.”

PINA is among several Indonesian investment apps that recently raised venture capital. Some examples are Pluang, GoTrade, Bibit, Ajaib, Pintu and Pluang.

Van Leeuwen said current solutions are great for first-time and new investors because they charge low minimums, but PINA differentiates itself with its focus on integrating planning, money management and planning on one platform. “By bringing everything together on one platform, we want to give them an experience that they could never replicate with a human advisor or with a finance folder on their phone full of point solution apps,” he said.

PINA’s money management tools and advisors are free to use and they monetize by charging fees when clients make an investment through the platform. Features include automatically managed portfolios and investments that require greater user involvement. PINA also offers customized financial advice, automated money management and investment tools in its apps. To use PINA, users link all of their financial accounts to the app and set their savings and investment goals.

PINA’s automated diversified portfolios work by first determining a user’s investment objectives, time horizon, risk appetite and priorities. He then invests in a portfolio of low-cost mutual funds. Van Leeuwen said its software automatically rebalances investments by selling those that are above users’ target allocation and buying more of those that are below. This happens when users fund their portfolios or when portfolio drift reaches 5%.

Regarding its wealth management functions, Van Leeuwen said that PINA “aims to close the so-called ‘advice gap'” by offering financial advice that is both affordable and personalized. By linking their financial accounts, including their bank accounts, e-wallets, government pension and investment accounts, users can see their net worth, monthly cash flow, and budget fluctuations over the past few months. The app also allows them to book a slot with a certified financial advisor.

PINA plans to use its funding for user acquisition and to expand its advisory and investment capabilities and ancillary services such as access to career coaching and exclusive member events.

In a prepared statement, AC Ventures Founder and Managing Partner Adrian Li said, “The increasing adoption of cashless transactions along with the rise of affluent individuals in Indonesia has enabled new billion-dollar opportunities to emerge for wealth management platforms that a full range of services including money management and investing. PINA’s team brings deep knowledge and connections to the financial services industry – making PINA one of the most promising companies in this space.”


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