Bibit conducted workforce cuts as a regular process of evaluating the performance of its team members, in an effort to achieve company’s strategic goals.
Heaptalk, Jakarta — Layoff storm that hit startups in Indonesia seems to be continuing. A startup providing a mutual fund investment platform, Bibit, has laid off a number of its employees. According to reports circulating, the startup terminated 30-40 employees.
Unfortunately, Bibit did not confirm the news about the layoffs, including the number of employees affected by the measure. However, the PR and Corporate Communication Lead of Bibit William Ndut said that thus far the company continues to evaluate the performance of team members.
“That is to ensure we can achieve the company’s strategic goals and continue to provide the best service for our users,” said William, as quoted by Katadata.
Most recently, the company stated that it is financially healthy. William added, “This is only part of the regular performance review process carried out by companies in general, including us.”
Bibit received its latest funding in March 2022 of US$80 led by the Government of Singapore Investment Corporation (GIS). The capital injection was used to recruit more employees as well as to launch new products and services.
Carrying out innovations and new initiatives
Over the past year, Bibit has carried out several innovations and new initiatives as reported by TechinAsia, including the launch of the Bibit Premium product which targets high-end customers with a minimum investment capital of Rp500 million, or worth US$32,649 (US$1 equals Rp15,314).
The startup also provides a new product in the form of government bonds (SBN). In addition, Bibit also collaborates with several partners to expand its range of services, one of which is Shopee.
Claimed to help novice investors, Bibit implements Robo Advisor technology to select suitable quality mutual funds automatically based on age, income, and risk tolerance. This investment platform serves online transactions through applications, including opening accounts as well as buying and withdrawing mutual funds.
Further, Bibit claimed to guarantee the customer’s safety since all investment funds are kept in the Custodian Bank. Apart from that, this startup has also obtained a permit and is supervised by the Financial Services Authority (OJK). Bibit has also been registered as an electronic system operator (PSE) by the Ministry of Communication and Information Technology.
