Indonesian investment platform FUNDtastic raises $7.7m in Series A round

Indonesian wealth management platform FUNDtastic has raised $7.7 million in its Series A round, per an announcement.

The investment was led by Singapore-based private equity firm Ascend Capital Group with participation from Indonesian tech investor Indivara Group, among others.

According to FUNDtastic co-founder and CEO Harry Hartono, the corpus raised will go towards improving the company’s products to make them more accessible to retail investors.

“The new fund aims to expand our market scope, and also develop more products and features,” Hartono said in a media statement. FUNDtastic’s growth will be driven by increasing mobile penetration in Indonesia, he added.

FUNDtastic, established in 2019 by Hartono, Franky Chandra, and Medwin Susilo, currently offers mutual funds and gold investment options. Going forward, it aims to offer retail bonds, insurance, and P2P lending.

In 2020, FUNDtastic acquired Indonesian investment platform Invisee, which allowed it to expand its product offerings and customer base. The number of users grew nearly fourfold after the deal. Last year, the platform said the number of users grew fivefold from 2019 to 110,000 users. Total managed funds on the platform amounted to Rp 200 billion ($14.2 million)

“Despite the pandemic having hit the Indonesian economy, awareness on investment and emergency funds was getting higher,” Hartono said.

According to the Indonesian stock exchange (IDX), the total number of investors on the stock market stood at 3.53 million investors in November 2020, of which 57.5 per cent invested in mutual funds.

“FUNDtastic can reach the underbanked and unbanked population to actively become investors. This progressive step can expand the new investors in doing a simple investment,” Ascend Capital partner Muljadi Tjandra said in a statement.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.