Indonesian wealth tech startup Moduit Digital raises $4.5m in pre-Series A round

Photo by Josh Appel on Unsplash

Wealth tech startup Moduit Digital Indonesia has raised $4.5 million in a pre-Series A funding round led by Singapore-based Reciprocus Moduit Holding.

The startup will use the proceeds to expand its products and features.

Reciprocus Moduit Holding, or RMH, represents a consortium led by a Singapore-based advisory firm Reciprocus Financial Services, insuretech entrepreneur Walter de Oude, and fintech platform operator Helicap.

Alto Network, an Indonesian switching company and part of conglomerate Djarum, also participated in the round. The conglomerate has a stake in Alto through its venture capital arm Central Capital Ventura, a subsidiary of Indonesia’s largest private bank by market cap Bank Central Asia.

“Moduit has developed the digital tools that help its advisory partners open an important gateway to wealth for Gen-Zs and Millennials,” Reciprocus Financial Services CEO David J. Emery said in a statement.

Moduit is the first startup to benefit from the consortium’s effort to develop fintech in Southeast Asia, the statement said.

It will use the fresh funds to expand its platform, offering curated wealth management products on top of its existing products such as mutual funds and bonds. Moduit will also enhance its existing robo-advisor feature, providing an automated financial planning service.

Indonesian wealth tech sector has once again proved its allure to investors and users alike amid pandemic disruptions that have forced people to hold their discretionary spendings that are being channelled towards online investing.

According to DealStreetAsia’s report on The State of Wealthech in Indonesia, the country’s wealthtech startups have raised $356 million up to June 2021.

The number has yet to include the funding raised in the second half of the year, including Pluang’s $35-million round in September and Ajaib’s $153-million financing in October, taking the company’s valuation past the $1 billion mark.

Moduit, which was founded in 2018 by Jeffry Lomanto and Charles Jap, joined the wagon to attract unproductive assets owned by Indonesians. Both Lumanto and Jap have more than 15 years of experience in wealth management and technology, respectively.

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.