Ajaib Revenue Surges 152% Amid Indonesia Trading Boom

Indonesia’s fintech investment platform Ajaib reported a 152% increase in revenue to 474 billion rupiah (US$22 million) in 2025, according to its audited financial statements, riding a wave of retail trading momentum that saw the Jakarta Composite Index (IHSG) rise 22.1% and the number of investors grow 36% year on year. The company’s net profit also rose 38% to US$1.4 million within the same period. The platform facilitated total transaction value of US$13.4 billion in 2025, up 131% year on year, reflecting explosive growth in Indonesia’s capital market.

Market Drivers and Investor Growth

Indonesia’s capital market recorded impressive performance last year, driven by several key events. In September 2025, Purbaya Yudhi Sadewa’s appointment as the country’s new finance minister brought optimism to the market. His policies, such as the 200 trillion rupiah (US$11 billion) liquidity injection into state banks to stimulate lending, received positive sentiment from the public. According to Nailul Huda, director of digital economy at the Center of Economic and Law Studies (Celios), this was reflected in the surge in transaction values recorded by investment platforms in October, a trend that continued in the months that followed.

The IHSG was highly volatile last year, with events such as US President Donald Trump’s tariffs causing sharp declines at times, but there were also periods when the index rebounded. “This volatility triggered FOMO trading, with many people starting to invest when prices were falling,” Huda explained.

Multiple initial public offerings also boosted capital market transactions last year, including Chandra Daya Investasi (an infrastructure investment firm belonging to a group owned by Indonesian business magnate Prajogo Pangestu), Fore Coffee, Superbank, crypto exchange Coin, and candy company Yupi.

Ajaib founders Anderson Sumarli (left) and Yada Piyajomkwan / Photo credit: Ajaib

User Base and Product Expansion

In March, Ajaib said its user base had surpassed 7 million, with the majority coming from the productive age group of 25 to 40 years old. Michael Lim, VP of product design and brand experience at the company, told local media Kontan that most of its users are first-time investment account holders. Ajaib offers investments in stocks, mutual funds, and bonds, as well as crypto trading. Crypto market transaction volumes in Indonesia declined by 25.9% last year, but the number of crypto investors actually increased by 19%.

Higher trading volume and user activity for Ajaib last year is reflected in the company’s customer and clearing receivables, which increased by 3.5x and 2.7x year on year, respectively.

Competitive Landscape

Ajaib is not the only investment app riding on the retail trading boom. Competitor Stockbit logged a 413% increase in transaction value to US$34 billion in 2025, exceeding Ajaib’s transaction volume. Stockbit also posted stronger profitability metrics: revenue increased 395% to US$34 million, and net profit surged 775% to US$13.9 million. In 2025, Ajaib’s net profit margin stood at 5.3%, compared to Stockbit’s significantly higher net profit margin of 40.8%. These transaction figures for both companies cover only stocks and do not include crypto transactions.

According to Celios’ Huda, platforms offering a wider range of products will have an advantage as competition intensifies among local and international players. Ajaib has a competitive edge through US stock trading, which is not supported by rivals such as Stockbit. “The question is how many stock markets the new entrant will be able to offer access to,” Huda noted, referring to international entrants like Robinhood, which announced in December that it had acquired a local brokerage and a licensed crypto trading firm and was planning to launch services in Indonesia.

Photo credit: Ajaib

Operating Expenses and Spending Strategy

Amid a wave of efficiency drives and cost-cutting measures across many tech companies, Ajaib has taken a different approach. The firm’s operating expenses grew in 2025 compared to 2024, surging to US$18.9 million, up 171% year on year. The biggest driver was general and administrative expenses, which jumped 232% to US$15 million. Advertising and promotion expenses rose by over 3x, while personnel expenses remained relatively stable at US$1.6 million.

Celios’ Huda notes that for platforms like Ajaib, which target retail customers, spending on marketing is “inevitable” and will “continue to be a mainstay.” This is because many users in Indonesia still have relatively low digital literacy, making promotional incentives necessary to drive interest.

Funding and Cash Position

Ajaib received a capital injection of 75 billion rupiah (US$4.3 million) last year, according to its financial statements. However, there is no information on where the funding came from. Despite the company’s swelling expenses, net cash used in its operations swung from the red to US$4.9 million in 2025, driven by the rise in brokerage commissions and interest. Cash in the bank increased to US$19.6 million at the end of 2025, up from US$4.4 million at the end of 2024.

Currency converted from Indonesian rupiah to US dollar: US$1 = 17,426 rupiah.