Cryptocurrency transactions in Indonesia hit $60 billion last year, according to the country’s commodities futures trading agency. Crypto exchange and marketplace Reku has been riding the wave with what it says are the lowest fees on the market, and a platform that is aimed at both newcomers and experienced traders. Today, the startup, founded in 2017, announced it has raised $11 million in Series A funding, led by AC Ventures (ACV) with participation from Coinbase Ventures and Skystar Capital.
This is Reku’s (previously called Rekeningku.com) first round of institutional funding. The company generated $3 billion in gross transaction value in 2021 and is profitable. Its founders say that Reku’s five years of operation mean that they know how to scale and endure fluctuations in the market, including the pandemic and this year’s recession.
Reku, which currently has 80 employees, plans to add 50 more positions with the funding. The platform will also continue focusing on security, compliance, efficiency and scalability, said co-founder and CEO Sumardi Fung. Reku recently appointed Jesse Choi, a former private equity investor at Bain Capital, as COO.
Fung said the company sees “a significant gap in the market for products that actively guide users all the way from the very beginning of their crypto journey until they become experts themselves. Education is one thing, but our vision is to create products that seamlessly guide all users to smart investing.”
Reku makes it platform accessible to first-time traders with educational features. It is compliant with Indonesia’s commodities future trading agency (BAPPEBTI) and emphasizes user safety by offering only well-established cryptocurrencies like Bitcoin and Ethereum.
Before founding Reku, Fung worked in the futures trading sector for 12 years.
“In 2017 and 2018, crypto was not this big but we saw a huge opportunity there. Internet penetration expanded rapidly, then it would lead to a more resourceful community where people would seek simplicity such as a global currency,” Fund told TechCrunch. “The logic behind blockchain always made sense to me and we can definitely see a future where people would demand a more transparent financial system.”
Choi added that Indonesian traders initially saw cryptocurrency as a way to make money, but are becoming more interested in other uses for blockchain. “An example of this is NFTs,” he said. “On a relative basis, there’s a tremendous amount of building activity coming out of Indonesia, not just projects but also infrastructure and tools that address the global market. And in fact, Indonesia is one of the leading countries when it comes to crypto and web3 adoption.”
In a statement, ACV founder and managing partner Michael Soerijadji said, “We are excited to lead this investment into Reku. With an intuitive user experience, the lowest fees in the market, and a great leadership team, we are confident Reku will solidify its leadership in Indonesia’s vibrant crypto industry.”