Despite the market impact of the COVID-19 epidemic, retail investment in Indonesia is increasing, especially among people between the ages of 18 and 30. Today, investment platform FUNDtastic has announced that it has raised a $ 7.7 million series to tap into this demand, with plans to launch new products for retail investors, Dealershipia reports.
The round was led by Singapore-based Ascend Capital Group, with participation from other investors including tech holding company Indivara Group. Fundtastic plans to add retail bonds, insurance and peer-to-peer loans to its existing roster of mutual funds and gold investment options.
FUNDtastic acquired Invisee, a mutual fund and securities portal, for $ 6.5 million last year, allowing it to directly sell mutual fund products.
Based in Jakarta, Foundastic was founded in 2019 by Harry Harton, Frankie Chandra and Medwin Susilo. While capital investment in Indonesia remains relatively low, many prefer to invest in real estate instead, the number is slowly increasing as young professionals diversify their holdings. The Indonesian Stock Exchange is also launching initiatives to attract more retail investors.
Other startups focused on making retail investment more accessible to Indonesians include Ajayb and Bibit, both of which have recently raised funds.