Despite the market impact of the COVID-19 pandemic, retail investment is increasing in Indonesia, especially among people between the ages of 18 and 30. new products for retail investors, reports DealStreetAsia.
The round was led by Singapore-based Ascend Capital Group with participation from other investors, including technology holding company Indivara Group. FUNDtastic plans to add retail bonds, insurance and peer-to-peer lending to its current list of mutual funds and gold investment options.
FUNDtastic acquired Invisee, a mutual funds and securities portal, last year for $ 6.5 million, which allows it to sell mutual fund products directly.
Based in Jakarta, FUNDtastic was founded in 2019 by Harry Hartono, Franky Chandra and Medwin Susilo. While capital investment in Indonesia remains relatively low, with many preferring to invest in real estate instead, this number is gradually increasing as young professionals diversify their holdings. The Indonesian Stock Exchange is also launching initiatives to attract more retail investors.
Other startups whose goal is to make retail investing more accessible to Indonesians include Ajaib and Bibit, which have recently raised funds.