JAKARTA (TheInsiderStories) – The local investment platform and financial manager FUNDtastic raised Series A funding with total amount of US$7.7 million from various investor, the company announced today. The Investment led by private equity firm from Singapore, Ascent Capital Group, Indonesian tech investor, Indivara Group, and other investors.
The CEO, Harry Hartono, stated the fresh funding will uses by the startup for market expansion and develop more products for their customer. He said, during 2020, the number of users has increased almost five times to 110,000 accounts compared to 2019.
At the same year, the financial technology firm managed funds around Rp200 billion ($14.28 million). According to Franky Chandra, co-founder and CIO of FUNDtastic, this increase was driven by several factors, such as products based on community needs. He is optimistic that the provider’ business growth in 2021 will be even higher.
“FUNDtastic is able to reach people who have not been reached by banking products (unbanked) to actively participate in becoming investors. A progressive step that can easily expand prospective new investors to invest,” said Muljadi Tjandra, Partner of Ascend Capital in a written statement released on Monday (02/22).
In August 2020, FUNDtastic has acquired shares of PT Nusantara Sejahtera Investama, the operator of mutual fund selling agent, Invisee. The deal have valued $6.5 million. According to Chandra, 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 and After the acquisition, its expected that Invisee‘ portfolio could reach Rp500 billion, he adds. Apart from selling mutual funds, the company also has a trading license and gold pawn from the regulator joined with IndoGold.
FUNDtastic owned by PT Chandharwealth Mandiri Indonesia and has been registered with the Financial Service Authority 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. 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. Based on the Indonesia Stock Exchange noted that the number of investors reached 3.53 million, of which 7.5 percent invested in mutual fund and bond.
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