Reku claims it has generated $3 billion in gross transaction value in 2021
Indonesia-based crypto exchange Reku has raised an $11 million Series A round led by AC Ventures.
Other investors include Coinbase Ventures, the venture arm of crypto exchange Coinbase and Skystar Capital.
It’s no secret that crypto has been surging in Indonesia in recent years. Despite multiple macroeconomic pullbacks such as the pandemic and the 2022 recession, local demand remains resilient, said co-founder and chief executive officer, Sumandi Fung.
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 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.’
The funds will also be utilised to roll out new offerings for crypto traders in Indonesia.
Reku claims it has generated $3 billion in gross transaction value in 2021. The crypto exchanges founding team has pre-existing relationships and intimate knowledge of Indonesia’s Commodities and Futures Trading Regulatory Agency (BAPPEBTI).
Compliance with BAPPEBTI and user safety is baked into every single feature and experience on Reku, said Robby, co-founder and chief compliance officer, Reku.
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, said Michael Soerijadji, founder and managing partner, AC Ventures.
