With just over $3 million in venture capital funding, wealthtech app Tanamduit has managed to become a prominent player in the retail of mutual funds, government bonds, and gold in Indonesia within four years of operations.
On top of its existing asset classes, Tanamduit is now exploring adding stocks, corporate bonds, and P2P lending as part of the product offering on its app, co-founder and managing director Rini Hapsari told DealStreetAsia.
In a market crowded with more than a hundred investment management firms, and commercial banks serving as outlets to retail curated investment products, Tanamduit claims to serve roughly 8% of the country’s 4.7 million mutual fund investors as of May.
Key to Tanamduit’s growth strategy is its partnerships with major players in Indonesia’s tech ecosystem. As of today, the company has the largest number of retail partners among wealthtech startups, including the online marketplace Bukalapak, P2P lending players Akseleran and Investree, and financial planning app Halofina.
Like other wealthtech players in the market, Hapsari said her company had benefitted from the big shift in savings and consumption during the COVID-19 pandemic period, to which Tanamduit responded by stepping up market education programmes to promote investment in mutual fund products.
“We estimate that in the next 10 years, the total assets under management [in Indonesia’s mutual fund industry] will double and the number of accounts will reach 25-30 million,” she said, adding that her company expects to turn profitable by 2024.
Tanamduit had raised $3 million in seed funding from local venture capital firm RND Capital in 2018.
Hapsari was among the co-founders of wealthtech apps interviewed for our latest report The State of Wealthtech in Indonesia.
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Edited excerpts of the interview with Tanamduit co-founder and managing director Rini Hapsari:-