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Start-up digest: Indonesian fintechs continue winning streak in fundraising
Investment and wealth management platform FUNDtastic raised US$7.7 million while education loan fintech ErudiFi gathered $5 million to expand their businesses in Indonesia and Philippines.
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Stock illustration of financial technology (fintech) (Shutterstock/File)
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nvestments continued to pour into financial technology (fintech) firms in the last week of February, which are leading Indonesia’s start-up funding scene. Expert projections see even greater expansion for the sector in a continuation of last year’s growth trend.
Investment and wealth management platform FUNDtastic raised US$7.7 million in series A funding from a group of investors, among them American financial advisory firm Ascend Capital Group and Indonesian investment holding company Indivara Group.
“We are going to expand our market and diversify our products and features so we can better serve consumer needs,” FUNDtastic cofounder and CEO Harry Hartono said on Feb. 22 as quoted by Bisnis.com.
Last year during the pandemic, the company acquired investment fintech Invisee to expand its user base to 110,000, an increase of five times its 2019 figure.
Indonesians have recently started exploring investment. Google data showed that keyword searches for “reksa dana” (mutual funds) increased 210 percent in 2020, suggesting that Indonesian consumers are learning about financing and financial management or looking for investment options.
Read also: Fintech expands retail investment among young Indonesians
Meanwhile, Singapore-based education loan fintech ErudiFi raised $5 million in its series A funding round, co-led by Monk’s Hill Ventures and Qualgro, also based in Singapore.
