+42%

est. 2Y upside i

FinTechSeries B

Consumer fintech for Indonesia

Rank

#866

Sector

Fintech

Est. Liquidity

~2Y

Data Quality

Data: Medium

Ajaib, an Indonesian fintech unicorn, presents a moderate upside opportunity driven by its strong user acquisition (50% boost in retail investors) and successful expansion into high-growth segments like crypto (tenfold volume surge).

Last updated: March 10, 2026

Bull (30%)+250%

Ajaib significantly expands its market share in the rapidly growing Indonesian investment landscape, driven by continued strong user acquisition, successful cross-selling of new products like US stocks and crypto (building on the tenfold crypto volume surge), and strategic integration with Bank Bumi Arta. This leads to revenue exceeding $300M by 2028 and justifies a $3.5B+ valuation, reflecting its dominant position among digital-native investors.

Base (45%)+75%

Ajaib maintains its strong position as a leading online brokerage for young investors, growing its user base steadily and expanding revenue in line with the overall TAM growth of ~15% YoY. It successfully fends off most competitive threats, reaching approximately $200M in revenue by 2028 and achieving a $1.75B valuation, a modest premium to its current unicorn status.

Bear (25%)-60%

Intense competition from well-funded fintechs and incumbent banks, coupled with a challenging macroeconomic environment or increased regulatory pressure (e.g., from the OJK investigation), stifles Ajaib's growth. Revenue stagnates or slightly declines to around $130M, leading to a down round or acquisition at a $400M valuation, significantly eroding common stock value due to the existing liquidation preferences.

Est. time to liquidity~2.0 years

Preference Stack Risk

high

Funding Intensity

25%

Investors hold $245M in liquidation preferences. In an exit at or below $1B, common shareholders would receive value only after the $245M preference is paid out.

Dilution Risk

moderate

While no new funding rounds have been announced since 2021, future capital raises to fuel growth or achieve profitability could dilute existing equity holders.

Secondary Liquidity

none

There is no indication of an active secondary market or tender offers for Ajaib's shares.

Questions to Ask at the Interview

Strategic questions based on Ajaib's data — designed to show you've done your homework.

  • 1

    “Given the intense competition from both fintech peers like Stockbit and traditional banks, what are Ajaib's key strategies to maintain and grow its market share among digital-native investors over the next two years?”

  • 2

    “With the significant growth in crypto trading volume and user acquisition, how is Ajaib planning to monetize these new segments more effectively and what are the long-term profitability goals for Ajaib Kripto?”

  • 3

    “Considering the Series B funding was in 2021 and the current market conditions, what is the company's anticipated timeline for a liquidity event (IPO or acquisition), and how is Ajaib managing potential future dilution for employees?”

Community

Valuation Sentiment

Our model estimates +42% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.