FUNDtastic Secured 108 Billion Rupiah Series A Funding Led by Ascend Capital Group

FUNDtastic's investment and financial management platform announced  $7.7 million Series A funding (over 108 billion Rupiah). This round was led by the Ascend Capital Group, also participated the Indivara Group and other investors.

In an official statement, FUNDtastic's Co-Founder & CEO, Harry Hartono said, this fresh fund will be used to expand market reach and enrich products and features, to better serve the needs of the community.

"With investor confidence in FUNDtastic, we can continue to develop investment products which easily accessible, including novice investors," he explained, Monday (22/2).

FUNDtastic is one of the investment players which harvesting during the pandemic. The Indonesia Stock Exchange noted that the number of capital market investors reached 3.54 million, around 57.5% of whom were mutual fund and bond investors as of November 2020.

This increase has an impact on investors' interest to invest in platforms like FUNDtastic. Previously, since the beginning of this year, at least Ajaib and Bibit had announced their acquisition of fresh funds.

Harry explained that after the acquisition of the Invesee platform last year, FUNDtastic users increased nearly 4 times, reach up to 110 thousand people. This is in line with the total fund under management reaching around Rp200 billion.

FUNDtastic's Co-Founder and Chief Investment Officer Franky Chandra said this increase was driven by several factors. Apart from the fact that the company provides products based on the needs of the community, it's mainly due to the pandemic which requires the acceleration of digital financial adoption.

"Also, our associates have a real role in continuously educating the public, and the regulator in particular (OJK IKD) is always supportive in handling and supervising various innovations in the world of financial technology," he added.

As an investment platform and digital financial manager, FUNDtastic offers convenience for new users, starting from the registration process, transaction speed, and convenience in investing. Thus, users continue to increase their investment in the FUNDtastic platform without experiencing any problems.

Franky is optimistic that FUNDtastic's business growth will be even higher this year as the user continues to invest in the FUNDtastic platform during 2020.

Also for Ascend Capital, a FUNDtastic investor who sees management and team as a solid foundation in supporting business growth.

“FUNDtastic management and a solid IT team are some of the most important and valuable assets for startups. FUNDtastic also has a good business model and a strong growth strategy through marketing strategies and partnerships with other financial institutions," Ascend Capital's Partner, Muljadi Tjandra said.

"FUNDtastic is also capable to reach unbanked people to actively participate in becoming investors. A progressive step that can easily expand prospective new investors to invest," he added.

– Original article is in Indonesian, translated by Kristin Siagian