Mandiri Sekuritas

What Mandiri Sekuritas does

Mandiri Sekuritas (PT Mandiri Sekuritas) is an Indonesian securities firm established on July 31, 2000, operating as a 99.99%-owned subsidiary of PT Bank Mandiri (Persero) Tbk, the country's largest state-owned bank. The firm operates as a full-service investment bank delivering three business lines: Corporate Solutions (IPO underwriting, rights issues, debt instruments, sustainability bonds, and M&A advisory); Institutional Investor Services (brokerage and research for 500+ institutional clients including asset managers, insurers, sovereign and pension funds); and Retail Investor Services, anchored by the Growin' digital platform launched in August 2024.

The core technology stack centers on Growin', a web-based investment platform accessible at growin.id, as a standalone mobile app, and integrated into the Livin' by Mandiri superapp. Growin' offers equities, mutual funds, bonds, retail government securities (SBN Ritel, ORI, Sukuk), and sharia products, with sub-brands spanning Growin' Invest (standard retail), Growin' Pro (active traders), and Growin' Priority (HNIs with dedicated relationship managers). Supporting features include Stock eIPO for primary-market subscription (launched June 2026), DIMA (a WhatsApp-based AI chatbot for investment queries), Auto Order / Auto Sell automation, and a 21-person research function publishing macro, equity, and fixed income research. The firm also operates 14 branches across major Indonesian cities plus a Singapore subsidiary, Mandiri Securities Pte. Ltd.

Mandiri Sekuritas earns revenue through transaction-based brokerage commissions, underwriting and issuance fees, investment banking advisory fees, margin financing income, and government securities distribution. Pricing is predominantly quote-based and not publicly disclosed; retail government securities (ORI030) start from Rp1 million minimum investment. The firm is privately held, non-listed, and sits within Indonesia's state-owned enterprise ecosystem, including a deepening relationship with Danantara Indonesia as arranger for the sovereign wealth fund's debut international bond and the 2026 divestiture of its asset management subsidiary (Mandiri Manajemen Investasi) into Danantara's asset management consolidation platform. Leadership transitioned in May 2026 with Alex Widi Kristiono appointed Acting President Director.

Name

Mandiri Sekuritas

Legal name

PT Mandiri Sekuritas

Website

https://mandirisekuritas.co.id

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Mandiri Sekuritas is a Jakarta-based, Bank Mandiri-owned Indonesian investment bank offering brokerage, underwriting, M&A advisory, and research to retail, institutional, and corporate clients via the Growin' digital platform and 14 branches.

Ownership category

akta.pro rank

Product category

Securities Brokerage & Investment Banking

NAICS

Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Investment Activities (5239)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282), Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

Independent Broker-Dealers (Retail Network) (FSAAAAAC)

akta.pro secondary industries

M&A Advisory (Buy-side/Sell-side) (BPAHADAC), Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs) (BPAHAOAG), Institutional Consultants & Fiduciary Management (Investment Consulting) (FSAAAGAJ)

Keywords

• Investment banking services
• Capital market services
• Equity brokerage
• Securities underwriting
• Retail trading platform

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Brokerage Commission: Commission-based brokerage services for retail and institutional investors trading equities on the Indonesia Stock Exchange through the Growin' platform and traditional channels.
2. Underwriting and Issuance Fees: Securities underwriting services for IPOs, rights issues, and bond offerings for corporate clients including state-owned enterprises and public companies.
3. Investment Banking Advisory: Financial advisory and M&A consulting services for corporate clients.
4. Margin Financing: Margin lending services for qualified investors with discounted margin rates during promotional periods.
5. Government Securities Distribution: Distribution of retail government bonds (ORI, SBN Ritel) with subscription fees and transaction processing.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

PT Mandiri Sekuritas is a full-service Indonesian securities firm providing equity brokerage (retail through the Growin' platform and institutional), securities underwriting for IPOs, rights issues and bond offerings, corporate finance advisory including M&A, and a dedicated research service spanning macroeconomics, equity and fixed income. It serves retail investors (over 1.4 million SID), institutional clients (500+) and corporates including state-owned enterprises through Corporate Solutions, Institutional Investor Services, and Research divisions, supported by a proprietary digital platform (Growin') with AI assistant DIMA and a 14-branch Indonesian network plus a Singapore regional office.

Product overview

Mandiri Sekuritas operates as a full-service investment bank offering a unified platform-plus-modules architecture spanning three business lines — Investment Banking (Corporate Solutions), Institutional Brokerage, and Retail — backed by a dedicated research team. At the retail core is the Growin' digital platform (launched August 2024), available in Invest and Pro variants, which consolidates equity trading, mutual funds, bonds, SBN retail bonds, and sharia products into a single interface; the premium Growin' Priority tier adds dedicated relationship managers and exclusive research. The Corporate Solutions division delivers investment banking, underwriting, M&A advisory, and sharia financing to institutional and corporate clients, while the Institutional Investor Services arm provides brokerage with research to 500+ institutional clients. Supporting both segments is a research function spanning macro, equity, and fixed income analysis. Key recent additions include the Stock eIPO feature (June 2026) enabling retail investors to subscribe to IPOs within the Growin' app, and the AI-powered DIMA chatbot for 24/7 investment assistance. A notable subsidiary is Mandiri Manajemen Investasi (spun off in 2004, though its ownership changed in 2026 via Danantara consolidation).

Differentiator

Problem solved

Functional benefit

Brands

• Growin': Digital investment and trading platform offering equity, mutual funds, bonds, and SBN retail products for individual investors, available as a web platform and standalone mobile app.
• Growin' Priority
• Growin' Invest
• Growin' Pro
• DIMA

Products and services

• Growin' Digital Investment Platform Flagship web-based and mobile digital trading and investment platform for retail investors offering equity trading, mutual funds, bonds, SBN retail bonds (ORI, Sukuk), and sharia-compliant products. Features include Stock Strength indicators, real-time P&L monitoring, Smart Running Trade, Pro View, Auto Order/Auto Sell, Stock Overview, Growin' News, Stock Pick recommendations, 24/7 Deposit & Withdrawal, and integrated Stock eIPO subscription. Accessible on web (growin.id), as a standalone mobile app, and within the Livin' by Mandiri superapp.
• Corporate Solutions (Investment Banking) Comprehensive investment banking offering for Indonesian corporate clients covering equity underwriting (IPOs and rights issues), debt instruments (registered and unregistered), sustainability bonds, corporate finance advisory, sharia financing, M&A advisory, and consulting. Targeted at state-owned enterprises (BUMN), public companies (perusahaan terbuka), and private companies (perusahaan tertutup).
• Institutional Investor Services Brokerage and execution services for local and foreign institutional clients, supported by a 21-professional research team providing macroeconomics, equity market, and fixed income analysis. Serves 500+ institutional clients including asset management firms, insurance companies, sovereign wealth funds, and pension funds (Dana Pensiun), with experienced Sales and Execution teams for strategy implementation.
• Research Services Investment research delivered by Mandiri Sekuritas' internationally recognized research team (acknowledged for over 10 years), providing macroeconomic, equity, and fixed income market analysis. Research access is delivered to select client segments through a dedicated research portal (research.mandirisekuritas.co.id), featuring expert recommendations and comprehensive company and sector information.
• Mandiri Manajemen Investasi (Mutual Fund Products) Mutual fund products and investment management services for retail and institutional investors, originally spun off from Mandiri Sekuritas in 2004 and recognized as one of Indonesia's largest national investment managers. Note: as of April 2026, ownership control transitioned to Danantara Asset Management.

Quantifiable outcome

• 71.5% YoY increase in individual customers to 1.4 million+ SID as of June 2026
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Danantara IndonesiacoreStrategic or Co-development Partner · 3 June 2026Mandiri Sekuritas is part of the broader state investment ecosystem under Danantara, Indonesia's $1 trillion sovereign wealth fund. The company was hired as one of the arrangers for Danantara's debut international bond offering. Additionally, Mandiri Sekuritas's asset management subsidiary (Mandiri Manajemen Investasi) was acquired by Danantara Asset Management as part of the consolidation of state-owned asset managers.
• PT Danantara Asset ManagementcoreStrategic or Co-development Partner · 1 April 2026Mandiri Sekuritas's subsidiary Mandiri Manajemen Investasi was acquired by PT Danantara Asset Management (subsidiary of Danantara) in an affiliated transaction valued at approximately 2.7 trillion rupiah (~$159 million), along with BRI Manajemen Investasi, BNI Asset Management, and PNM Investment Management. The deal aims to consolidate Indonesia's state-owned fund management sector.
• Livin' by MandiricoreTechnology or IntegrationGrowin' by Mandiri Sekuritas has been integrated into Livin' by Mandiri superapp, allowing users to access investment services through the bank's digital banking platform under the 'Investasi' menu.
• PT Graha Duta Sekuritas (Mitra Pemasaran)minorChannel Partner/ Reseller/ DistributorMarketing partner located at MTH Square, Jakarta providing additional distribution reach for Mandiri Sekuritas services.
• PT Manggala Dana Sekuritas - Mangga Dua (Mitra Pemasaran)minorChannel Partner/ Reseller/ DistributorMarketing partner at Mangga Dua Plaza, Jakarta providing additional distribution reach for Mandiri Sekuritas services.
• Universitas Terbuka - Galeri Investasi DigitalminorChannel Partner/ Reseller/ DistributorEducational partnership with Faculty of Economics and Business at Universitas Terbuka providing digital investment gallery for student investor education.
• UIN Ar-Raniry Banda Aceh - Galeri Investasi SyariahminorChannel Partner/ Reseller/ DistributorPartnership with UIN Ar-Raniry Banda Aceh for Sharia investment gallery to promote Islamic capital market education.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Regional players

• Maybank Sekuritas Indonesia: Indonesian securities affiliate of Maybank Group, offering institutional brokerage and investment banking. Comparable in institutional and IB segments though with limited retail focus.
• CLSA Sekuritas Indonesia: Indonesia affiliate of Hong Kong-headquartered CLSA, focused on institutional brokerage and research rather than retail. Competes with Mandiri Sekuritas for institutional flow and cross-border mandates.

Emerging players

• Stockbit Sekuritas (by Stockbit): Digital-first Indonesian retail brokerage with social-investing features. Emerging fintech competitor targeting the same retail investors Mandiri Sekuritas acquires via Growin', particularly younger retail cohorts.

Direct peers

• Trimegah Sekuritas Indonesia: Full-service Indonesian securities firm offering retail trading, institutional brokerage, and investment banking. Competes directly for both retail investor acquisition and corporate finance mandates.
• Indo Premier Sekuritas: Leading Indonesian retail and institutional brokerage offering equity trading, investment banking, and research. Directly comparable to Mandiri Sekuritas across all three business lines and target segments.
• BRI Danareksa Sekuritas: Securities affiliate of Bank BRI, another major Indonesian state-owned bank. Competes directly with Mandiri Sekuritas in retail brokerage, equity underwriting, and SOE-linked corporate finance mandates.
• Mirae Asset Sekuritas Indonesia: Indonesian brokerage subsidiary of Mirae Asset, offering retail equity trading (including via its popular online platform), institutional sales, and investment banking. Competes head-to-head with Mandiri Sekuritas for retail investors and IB mandates.
• BNI Sekuritas: Securities subsidiary of Bank BNI (state-owned), providing brokerage, underwriting, and advisory services. Closely comparable given similar SOE-bank parentage, retail distribution via parent bank, and investment banking focus.
• Phillip Sekuritas Indonesia: Indonesian arm of Phillip Securities Group, offering online equity trading via POEMS platform and institutional services. Comparable retail-brokerage competitor with regional parent.

Broad incumbents

• UBS Sekuritas Indonesia: Indonesia presence of global investment bank UBS, focused on institutional brokerage, ECM/DCM, and M&A advisory. Competes for high-end institutional and IB mandates but not retail.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Mandiri_OLT
• Facebookfacebook.com/MOSTMandiriSekuritas
• LinkedInlinkedin.com/company/mandiri-sekuritas

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mandiri Sekuritas