PT Moduit Digital Indonesia (Moduit), an investment fintech startup, received funding of US$4.5 million or more than Rp.65 billion (exchange rate of Rp.14,500) in a pre-Series A funding round led by Reciprocus Moduit Holding (RMH) Singapore.
The funding was obtained due to Moduit's strong performance throughout 2021, along with the investment appetite of Indonesia's young generation which has increased due to the impact of the pandemic.
Moduit's pre-Series A funding round came from an RMH consortium consisting of Reciprocus Financial Services Pte Ltd, insuretech entrepreneur Walter de Oude, and Helicap, a Singapore-based fintech company that connects global investors with private investment opportunities in Southeast Asia.
Also involved in this funding is PT Alto Network (Indonesia), a subsidiary of the Djarum Group.
Walter de Oude, founder of Singlife said Moduit is the perfect platform to combine technology with financial planning in Indonesia, and Moduit has all the recipes for fast growth and success.
Throughout 2021, without marketing support, Moduit's Assets Under Advisory (AUA) grew by more than 40% as the average investment value for Business to Customer (B2C) reached US$4,600 or Rp66.7 million per client.
Simultaneously, the number of Moduit Advisory Partners grew by 74%, these partners being able to handle a portfolio of US$60,000 or IDR 870 million per client on average.
David J Emery, Founder & Chairman of Reciprocus International Pte Ltd and CEO of Reciprocus Financial Services Pte Ltd (RFS), acknowledged that the pandemic is a double-edged sword.
“Moduit has developed a digital platform that can help its Financial Planning Partners to open important gateways to wealth for Gen-Z and Millennials. Moduit's tagline 'Everyone deserves to be rich,' is catchy, and the Moduit founders really know how to make it happen.”
Moduit is the first startup to benefit from the RMH consortium's plan to develop a fintech business in the Southeast Asia region, particularly in Indonesia.
With this funding, Moduit will expand its platform to offer additional curated products from wealth management in addition to mutual funds and bonds.
“We plan to attract more professionals to join us as Financial Planning Partners at Moduit. We will offer them more opportunities and a better balance of life,” said Moduit Founder & CEO, Jeffry Lomanto.
Moduit will also enhance its Moduit Robo-Advisor feature, a feature that provides algorithm-based automated financial planning services with little or no human involvement.
Helicap Co-Founder Group CEO, David Z Wang, explained that by providing a personal and individual experience of a private banking service to many people, he saw Moduit democratize wealth management.
“It will be very interesting for young professionals to join the Moduit Financial Planner ecosystem.”
Jeffry explained, for 2022, the company targets to triple the number of Moduit financial planning partners and boost AUA's growth by seven times.
“The entire Moduit team is very excited about this development. With the huge opportunity in Indonesia, our ultimate goal going forward is expansion throughout Indonesia, and we also plan to pursue Series A funding by the end of 2022," he explained.
CEO of PT Alto Network (ALTO), Armand Widjaja, said that as an early stage investor in Moduit, he is pleased to see the company reach a milestone in its business development.
“This is a good sign as conditions improve. We look forward to seeing Moduit grow in Indonesia.”
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