Home News Indonesia’s FUNDtastic Acquires Invisee for US$6.5M

Indonesia’s FUNDtastic Acquires Invisee for US$6.5M

FUNDtastic has acquired shared of PT Nusantara Sejahtera Investama, the operator of mutual fund selling agent, Invisee, said the company on Monday (08/10) - Photo by Invisee

JAKARTA (TheInsiderStories) – Indonesian financial planner, FUNDtastic has acquired shared of PT Nusantara Sejahtera Investama, the operator of mutual fund selling agent, Invisee, said the company on Monday (08/10). The deal have valued US$6.5 million.

According to the financial technology (FinTech)’ co-Founder and chief investment officer, Franky Chandra through a vide conference, both parties has been collaborating with Invisee since it was first launched in September 2019. Since eight months running, the company have total asset under management worth of Rp90 billion ($6.20 million).

After the acquisition, its expected that by the end of 2020 Invisee‘ portfolio could reach Rp500 billion, he adds. Currently, the FUNDtastic application has 6,000 active users with a total of 16,000 registered users and allocated an investment of Rp15 million on average.

Chandra said, Invisee will rebrand to become FUNDtastic+, which targets to collaborate with digital partners and other financial institutions so that they can reach a wider community. Apart from selling mutual funds, the company also has a trading license and gold pawn from the regulator joined with IndoGold.

Starting September, he continued, he would start working on insurance products. FUNDtastic owned by PT Chandharwealth Mandiri Indonesia and has been registered with the Financial Service Authority (FSA) as a financial planner.

Chandharwealth started the establishment with its own initial capital under the banner of Chandhar Capital Premier. Then, in 2018 starting the beta version, the company received a number of group capital injections. When launched in 2019, FundTastic received funding from Ascend Capital from Singapore.

“In terms of funding, we are not many. Not all of them are group investors, there are also individual shares. We are selective in finding partners who can work together. We choose Acsend Capital as the backbone because of the same vision,” he said, without mentioning the total funding pocketed in the two funding rounds.

Since 2018, Indonesian regulator has created Innovation Centre for Digital Financial Technology, which aims to build the FinTech ecosystem into a part of the national financial system that benefits the community and encourages economic growth. Its estimating the market’ largest segment in the country will be digital Payments with a total transaction value of $35.51 billion in 2020.

US$1: Rp14,500

Written by Editorial Staff, Email: theinsiderstories@gmail.com