PINA's founding team is made up of Indonesians.
While many of Indonesia's investment apps are focused on hooking first-time investors with low fees and starting deposits, PINA is targeting the middle-to-upper classes. The app has raised $3 million in seed funding from a number of companies.
Daniel van Leeuwen was the former country marketing head of Grab Indonesia. Fajar Kuntoro, who was previously head of tech and engineering at Indonesian digital agency Mirum, is one of the co-founders.
The creators of PINA had their own challenges with personal finance, according to Van Leeuwen. They wanted to make sure that everyone in Indonesia has access to financial advice, not just those who can afford it.
PINA was created to give Indonesians access to investment services without high minimums and fees as they invest for goals like buying a home, retirement and their children's education.
Van Leeuwen said that their experience with private financial service providers made them realize that change wouldn't come from existing providers. We consulted large financial service brands on how to transform their businesses at Mirum. It opened our eyes to the problems and opportunities in making wealth management accessible but also frustrating when we saw our clients unable to bring viable products to market due to their outdated infrastructure and business models.
Several Indonesian investment apps have recently raised funds. There are a few examples of Pluang.
Current solutions are great for first-timers and new investors, but PINA differentiates with its focus on integrating planning, money management and planning in one platform. He said that they aim to provide an experience they could never replicate with a human advisor or with a finance folder on their phone full of point solution apps.
When customers make an investment through the platform, PINA monetizes by charging when they do so. There are features that need more involvement from users. Users link their financial accounts to the app and set their savings and investment goals.
PINA works by first determining a user's investment goals, time horizon, risk tolerance and priorities. It invests in a portfolio of low cost mutual funds. Van Leeuwen sells investments that rise above users' target allocation and buys those that fall below it. When users fund their portfolios, this is done.
Van Leeuwen said PINA wants to bridge the so-called advice gap by providing financial advice that is both affordable and personalized. By linking their financial accounts, including their bank accounts, e-wallets, state pension and investment accounts, users are able to see their net worth, monthly cash flow and how their budget has changed over the last few months. They can use the app to book a slot with a financial advisor.
PINA plans to use its funding on user acquisition, as well as build out its advisory and investment features, and other services.
Adrian Li said that the rising adoption of non-cash transactions along with the increase in mass affluent individuals in Indonesia has enabled new billion-dollar opportunities to emerge for wealth management platforms. PINA is one of the most promising companies in the field because of the team's deep knowledge of the financial services industry.
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