FUNDtastic raises US$7.7M in Sequence A to additional develop, market its funding platform

Indonesian funding and private finance administration platform FUNDtastic right now introduced that it has raised US$7.7 million in Sequence A funding spherical in January. The funding spherical is led by Ascend Capital Group, with the participation of Indivara Group and different buyers.

In a press assertion, FUNDtastic CEO Harry Hartono defined that the funding can be used to assist growth and product improvement.

“This funding will allow us to proceed creating an funding product that’s simply accessible, even for newbie buyers. We are going to use this new funding to develop market attain and to counterpoint our merchandise and options choices to assist serve our clients’ wants higher,” Hartono mentioned.

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 Publish, the acquisition was meant to assist the startup’s product improvement effort.

Since then, Invisee had rebranded itself to FUNDtastic+.

Additionally Learn: Philippine fintech startup Ayannah seeks Sequence B funding to gasoline its growth into Vietnam, India

Regardless of the continuing pandemic, FUNDtastic mentioned that their platform skilled progress in each the variety of customers and funds that they managed in 2020. The corporate has acquired a complete of 110,000 customers and managed a complete of IDR200 billion (US$14 million).

FUNDtastic CIO and co-founder Franky Chandra credited this progress to a number of components together with a partnership with organisations comparable to Indonesia Fintech Affiliation (AFTECH) and authorities companies such because the Monetary Companies Authority (OJK). The pandemic has additionally inspired digital transformation and pushed customers to rethink their finance administration.

Based in 2019 by Hartono, Chandra, and Medwin Susilo, the startup is presently based mostly in Jakarta.

Different fintech startups in Indonesia which have raised funding in latest occasions embrace PasarPolis, GajiGesa, and ALAMI. Well-liked segments within the native fintech ecosystem contains P2P lending for SMEs, private finance administration platforms, insurtech, and e-wallet.

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Picture Credit score: Muhammad Raufan Yusup on Unsplash

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