FUNDtastic raises US$7.7M in Series A to further develop, market its investment platform
Indonesian investment and personal finance management platform FUNDtastic today announced that it has raised US$7.7 million in Series A funding round in January. The funding round is led by Ascend Capital Group, with the participation of Indivara Group and other investors.
In a press statement, FUNDtastic CEO Harry Hartono explained that the funding will be used to support expansion and product development.
“This funding will enable us to continue developing an investment product that is easily accessible, even for beginner investors. We will use this new funding to expand market reach and to enrich our products and features offerings to help serve our customers’ needs better,” Hartono said.
In August 2020, FUNDtastic acquired 100 per cent of mutual funds and securities platform Invisee for US$6.5 million. As detailed in a report by The Jakarta Post, the acquisition was meant to support the startup’s product development effort.
Since then, Invisee had rebranded itself to FUNDtastic+.
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Despite the ongoing pandemic, FUNDtastic said that their platform experienced growth in both the number of users and funds that they managed in 2020. The company has acquired a total of 110,000 users and managed a total of IDR200 billion (US$14 million).
FUNDtastic CIO and co-founder Franky Chandra credited this growth to several factors including a partnership with organisations such as Indonesia Fintech Association (AFTECH) and government agencies such as the Financial Services Authority (OJK). The pandemic has also encouraged digital transformation and pushed users to reconsider their finance management.
Founded in 2019 by Hartono, Chandra, and Medwin Susilo, the startup is currently based in Jakarta.
Other fintech startups in Indonesia that have raised funding in recent times include PasarPolis, GajiGesa, and ALAMI. Popular segments in the local fintech ecosystem includes P2P lending for SMEs, personal finance management platforms, insurtech, and e-wallet.
Image Credit: Muhammad Raufan Yusup on Unsplash
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