Pluang Raises $10M Series C to Expand Indonesia Stock Trading

Indonesia-based investment platform Pluang has raised approximately US$10 million in Series C funding led by MUFG Innovation Partners, with existing investors Square Peg and Accel also participating in the round, according to the announcement. Co-founder and CEO Claudia Kolonas stated the fresh funds would mostly be “kept in reserve” for potential acquisitions or overseas expansion, though the firm is not actively pursuing either at present.

Company Background and Financial Performance

Founded in 2019 by Claudia Kolonas, Richard Chua, and Iwan Tjam, Pluang operates as an investment platform offering access to gold, US stocks, crypto, ETFs, options, mutual funds, and Indonesian stocks. The company currently serves more than 13 million registered users and provides access to over 2,000 assets.

In 2024, the company’s group revenue reached US$30 million, growing more than 100% year-on-year. However, the brokerage business recorded a pre-tax loss of US$486,000 according to financial statements filed on the Indonesia Stock Exchange (IDX). Kolonas noted that the company was already profitable on an EBITDA basis last year and “didn’t really need fundraising.”

Indonesian Stock Market Expansion

Pluang launched trading for IDX-listed stocks at the end of April, marking a significant expansion beyond its previous focus on crypto and US stock offerings. The response exceeded expectations: the company received more than 50,000 applications for Indonesian stock trading accounts within roughly a week of launch.

The rapid surge in demand created operational strain. According to Kolonas, the influx strained the company’s onboarding operations, particularly its know-your-customer verification process, prompting Pluang to temporarily pause marketing campaigns for the new service. “Demand was extremely high and far beyond our expectations, frankly, we were slightly overwhelmed,” Kolonas stated.

The company is currently working on improving its onboarding automation, with Kolonas estimating that improvements would require approximately two to three weeks to complete.

Historically, transaction fees from gold investments have driven most of the firm’s revenue, followed by US stocks and crypto products. However, Kolonas believes Indonesian stocks could eventually become one of the company’s largest revenue contributors due to Pluang’s substantial existing user base.

The Pluang team, with co-founders Richard Chua (bottom left) and Claudia Kolonas (bottom right)

Market Positioning and Competitive Landscape

Despite the momentum, Pluang captured only a small portion of the local stock market investments last year. Competitors like Ajaib and Stockbit have been offering local stocks on their platforms since 2020 and 2021, respectively, providing them with a head start in the domestic equities market.

Kolonas compared Indonesia’s potential to markets such as India, where domestic retail participation has deepened significantly over time. She believes Indonesian investors will increasingly favor local equities over foreign assets. “When we launched crypto and US stocks years ago, we started from a very small base,” Kolonas said. “Now we already have users, so distribution becomes much easier.”

Indonesia’s Financial Services Authority (OJK) is currently implementing capital market reforms aimed at strengthening liquidity and improving global transparency, including adjustments related to global index provider MSCI. “In every country, investors tend to have a home bias,” Kolonas added. “If the reforms work well, Indonesian retail investors will increasingly prefer local companies.”

Operational Philosophy and Workforce Strategy

Since its previous funding round in 2022, the company’s revenue has increased roughly sixfold while maintaining headcount at approximately 200 employees. In 2023, Pluang laid off 10% of its staff in what Kolonas described as a “painful” period that was necessary for sustainable growth.

Pluang prioritizes what’s necessary and takes things step by step instead of forcing “aggressive growth,” says CEO Claudia Kolonas

The company has since focused more on sustainability rather than forcing rapid advancement. This experience has made Kolonas more cautious toward hiring; the platform is not increasing its headcount as a solution to managing the surge in volume from its new Indonesian stock trading offering.

Kolonas believes Pluang’s conservative approach and relatively small team help the company maintain profitability. “Our principle is that we don’t want to force aggressive growth, but instead prioritize things that are actually needed and take things step by step,” she stated. She argued that a small team has helped Pluang become more innovative and efficient in decision-making.

Regional Expansion Plans

In June 2025, Pluang entered the Philippines, its first regional expansion, through a sandbox program run by the country’s Securities and Exchange Commission. The program allows Filipinos to invest in US stocks using deposits in Philippine pesos.

The sandbox is still ongoing, and if successful, Pluang will begin designing its strategy to launch services more broadly in the country. The company is targeting an official launch in the Philippines in 2026, according to Kolonas. “Indonesia is still a very large opportunity for us,” she said. “We prefer to focus on one step at a time.”