Indonesia-based Bibit.id, a digital investment app provider, has reportedly secured $65 million in capital via a round led by Sequoia Capital India.
Bibit’s investment round was also joined by Prosus Ventures, Tencent and Harvard Management Company. Existing investors AC Ventures and East Ventures also took part in the round.
Bibit’s management noted that the funds raised will be used to develop new products, enhance technology development, recruit talented professionals, and make significant investments to support ﬁnancial education and also help with further improving its platform.
Established in 2019, Bibit is a mutual fund Robo-advisory service that assists investors with maintaining portfolios according to their individual risk proﬁles and investment goals in a simple and efficient manner. Bibit’s user base includes 90% Millennials and also ﬁrst-time or inexperienced investors.
According to IDX and Central Custodian data, the number of mutual fund investors in Indonesia increased 78% year-over-year to around 3.2 million. New investors in the Southeast Asian country mainly include Millennials (people born between 1980 and 1996). This age group accounted for around 92% of the new investors in the country last year.
During Q1 2021, more than 1 million new mutual fund investors entered the market. Despite this substantial growth, less than 2% of locals have taken part in the nation’s capital markets so far.
Sigit Kouwagam, CEO at Bibit.id, remarked:
“Previously, the stock market was seen as an intimidating place to invest. Bibit is leveraging on technology to make investment accessible to everyone, including the inexperienced ﬁrst-time investors. Therefore, we are seeing an accelerated interest from retail investors into the capital market.”
Rohit Agarwal, VP, Sequoia India, stated:
“Indonesian mutual fund customers have grown almost 10x in the past ﬁve years. Savings via mutual funds is the ﬁrst step towards investing and Bibit has helped millions of consumers start their investing journey in a responsible manner. Sequoia Capital India is excited to double down on the partnership as the company brings the same customer focus to stock investing with Stockbit.”
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Meet the Founder of Career Masterclass
When investing, your capital is at risk.
The world of employment is changing, as companies adopt a remote culture, and employees favour firms that can offer flexibility through challenging times.
While some sectors struggled and furloughed workers, others boomed, creating jobs that didn’t even exist until today. As a result, according to McKinsey research, approximately 25% more workers are estimated to need to switch occupations, and the learning and development market has boomed to over £40 billion to help workers navigate this transition. Career development platforms such as Career Masterclass are leading the way and levelling the playing field to give underserved groups access to the opportunities of today, and those of the future.
We sat down with founder, and Bukola Adisa – who, for reference, has been listed on The Powerlist of Britain’s Most Influential People of African and African Caribbean Heritage for 3 years running – to find out more.
What was your prior experience and what inspired you to make the switch to entrepreneurship?
I spent many years working in the banking and financial services sector, and during that time I noticed that very few senior management positions were held by people from the black and ethnic minority groups. I knew this wasn’t because of the lack of talent available, and after achieving my own success, I wanted to help others reach their potential.
My goal was to ensure that under-represented groups were recognised and able to get the career growth they desired. To do this, I knew I had to build an ecosystem that would give them the resources, networking support and information they needed to excel.
What were the early signs of success for the business?
After our first masterclass held in Canary Wharf, the feedback from the women who attended was very encouraging. Many of the 36 women who attended were Black or Asian and it was a lightbulb moment for us.
Over the next months, we grew and provided regular masterclasses, webinars and worksheets on everything from how to negotiate better to how to build your professional network. Due to demand – as a result of women telling their partners about the classes – it opened up to men. Then leading companies started to hire our services. At this point, it was clear that we were on to something.
Where will you be focusing on growth in the near future and why?
Our growth in the near term will be focused on expanding our mentorship features and leveraging AI to match content to our users. What differentiates just any career development platform from one that delivers real, long-term value to people is its ability to tailor its offering to the end user. We intend to use AI to really understand the profiles of our users, find out what they’re looking for and deliver them the resources that they need to fulfill their idea of success. That profile isn’t going to be the same for everyone, and that’s why a personalised offering is so important.
We already serve several corporate clients including Google, Natwest, HSBC, Barclays Bank and McDonald’s and are currently in active negotiations to develop further B2B partnerships.
What’s next on your roadmap in terms of product development, partnerships, new features etc?
In addition to the personalisation features mentioned earlier, we’re also working on launching a mentorship feature, which would effectively match users with professionals in their field of interest who can provide guidance. Networking is a huge element in career development, and that level of one-on-one mentorship isn’t accessible in the way it should be. Separately, we’re also building a full community on our platform, where professionals can come together, share experiences and support each other.
Once both of these features are live, our main goal will be to learn from the engagement we see with them. Observing how our users interact with new products and features will enable us to fine-tune them to create more value for professionals in their industries.
Where do you see the business in 5 years time?
In 5 years time, from a product perspective, I see Career Masterclass supporting over one million professionals across the globe with career growth and mentorship.
We also intend to have created a robust machine learning algorithm that understands the needs of professionals at every phase of their career, and provides them with the exact content and support they need to realise their goals.
Career Masterclass has raised over £350,000 on Seedrs, and the campaign is closing in just 9 days. To join nearly 200 investors, check out the campaign now.
Grayscale Files Registration Statement with the SEC
Grayscale, a large digital asset manager that offers publicly listed funds that hold crypto, has filed a registration statement with the Securities and Exchange Commission for the Grayscale Digital Large Cap Fund.
The Fund is an investment vehicle that allows investors to participate in asset allocations that incorporate digital assets by using the Fund’s shares.
Grayscale states that this move reflects Grayscale’s commitment to move Grayscale Digital Large Cap Fund forward through the product pipeline as part of Grayscale’s roadmap to launching digital currency ETFs (exchange-traded funds).
The Form 10 may be viewed here.
The investment objective of the Fund is for the shares to reflect the value of the fund components held by the Fund as determined by reference to the Digital Asset Reference Rates, less the Fund’s expenses and other liabilities. The Fund seeks to hold Fund Components that have market capitalizations that collectively constitute at least 70% of the market capitalization of the entire digital asset market. The Fund intends to hold a market capitalization-weighted portfolio that is reviewed for rebalancing on a quarterly basis to meet the Target Coverage Ratio.
The filing with the SEC is voluntary and if it were to become effective, would designate Grayscale Digital Large Cap Fund as an SEC reporting company.
Shares in the Fund currently trade on OTC Markets, which is an ATS and subject to slightly different rules than a regulated exchange.
Recently, the SEC issued a staff statement cautioning investors who purchase shares in mutual funds that have exposure to Bitcoin futures. Grayscale does not currently invest in futures.
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MoneyLion Joins Forces With NFP to Provide Nationwide Insurance & Financial Wellness Offerings to Members
MoneyLion, a U.S.-based consumer digital finance platform, announced on Thursday it has teamed up with insurance broker NFP to provide its members with direct access to insurance and financial wellness offerings. MoneyLion reported that the offerings are to help its members support their financial journeys. According to MoneyLion, the partnership allows members to shop for and buy insurance products and solutions through the MoneyLion all-in-one financial platform.
MoneyLion also reported the launch of MoneyLion Marketplace, a platform that matches MoneyLion members with category-leading brands, offers, and value-add resources that are tailored to their personal needs. Dee Choubey, MoneyLion Co-Founder and CEO, shared more details about the partnership and marketplace launch by stating:
“Knowing what type and how much insurance to buy can be a daunting experience for many people, and yet it is a critical foundation for any financial plan. As a leader in digital technology, insurance underwriting and customer service, Nationwide is a natural fit to help our members evaluate the insurance options that are right for them.”
Brett Woodward, Managing Director of NFP Personal Risk, then added:
“Through this partnership, we’ll be able to leverage the MoneyLion Marketplace platform to connect the needs of clients with a range of solutions through an easy-to-use interface. This is a great combination of expertise, innovation and collaboration that delivers meaningful value to MoneyLion members.”
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U.S.-Based E-Commerce Platform Our Mayberry Secures $1.2 Million Through Convertible Note Seed Round
Our Mayberry, a U.S.-based e-commerce platform, announced on Thursday it raised $1.2 million through its convertible note seed round. According to Our Mayberry, investment groups from medical services and restaurant industries led the round. Founded in 2019, Our Mayberry describes itself as an online e-commerce platform that connects businesses and nonprofits to create mutually beneficial marketplaces where consumers can make purchases that support the causes they champion.
“A platform where causes and business partner to do great things!”
While sharing more details about the platform, Our Mayberry CEO, Shawn Tacey, stated:
“Our Mayberry gives businesses the ability to both scale and do good unlike any other platform or service. We process hundreds of thousands of dollars in transactions each month for service businesses like law firms, medical services companies and architects. Other values-driven platforms simply don’t include these types of businesses, but we do.”
Our Mayberry also reported that it is currently operating in 6 states, and has generated growing interest from national nonprofits, including Rotary International and Habitat for Humanity Tacey went on to add:
“Our Mayberry’s model represents the next step in the evolution of both business marketing and fundraising. We’re focused on weaving this new system of commerce into everyday life, and we believe this will go a long way in helping to rebuild and strengthen our communities.”
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