SBI Invests in Indonesia's Ajaib with $270M Deal

SBI Holdings, Japan's largest financial conglomerate, has invested $270 million in Ajaib, Indonesia's first fully online stock brokerage. The deal gives SBI a 20% stake in the company and implies an implied valuation of approximately $1.35 billion for Ajaib.

This is a significant step up from Ajaib's last publicly known funding round in October 2021, which valued the company at around $1 billion post-money. In just over three years, Ajaib's valuation has increased by about 35%, while many fintech startups globally have seen their valuations decline.

Ajaib was founded around 2018-2019 and has carved out a niche as Indonesia's answer to Robinhood, offering users low-fee trading in Indonesian stocks, mutual funds, bonds, US equities, and crypto assets. The platform counts over 3 million users and operates under oversight from Indonesia's financial services authority (OJK) and the Indonesia Stock Exchange (BEI).

The investment represents the single largest raise for Ajaib, more than doubling its previous largest funding round. SBI Holdings' expansion into Indonesian digital brokerage aligns with its regional growth strategy, which includes securities, banking, and digital asset businesses across Asia.