Financial Planning Startup FUNDtastic Full Acquisition of Invisee Worth 95 Billion Rupiah

FUNDtastic, a financial planning startup in Indonesia, today (10/8) announced the completion of the full acquisition of mutual fund investment platform Invisee for $6,5 million (over Rp95 billion). This acquisition is part of the company's long-term to become wealth platforms largest in Indonesia.

In this acquisition process, Invisee will become one of FUNDtastic's new business units, namely FUNDtastic+ whose task is to attract more collaborations with digital partners and other financial institutions, in order to reach more potential new users more broadly. The business unit will be led by Founder Invisee Eri Primaria.

The Invisee user migration process is targeted to be completed by the end of this month. Meanwhile, Invisee users are said to have reached 100 thousand people with managed funds of IDR 27,6 billion or 30% of the total managed funds at FUNDtastic of IDR 92 billion as of last June.

"We ensure the process" go customers from Invisee to FUNDtastic the seamless pattern without any obstacles and in accordance with regulations. They don't need to re-register, just stay login only later,” explained Co-Founder & CIO FUNDtastic Franky Chandra at a press conference online online.

He explained, FUNDtastic's mission was to become wealth platforms in the forefront, therefore on the way it needs an ecosystem to support this mission. The company itself was established under the umbrella of the Digital Financial Innovation (IKD) regulation and was registered as of July 2019.

In this regulation, the company is tasked with providing financial literacy to users and performing cross-selling financial products whose entire process must be carried out in accordance with regulations. This means that if you want to sell mutual fund products, you must use APERD, insurance products with insurtech etc.

Considerations for choosing the Invisee acquisition actually arose when the two collaborated in August last year. This coincides with the official start of FUNDtastic operations. The two companies then saw that there were similarities in vision and mission which ultimately strengthened the reasons behind the acquisition.

By having an APERD license and a Government Securities Distribution Partner permit through Invise, FUNDtastic will be more aggressive in attracting more business collaborations with digital companies and other financial institutions to deepen their products. wealth. The reason is, referring to OJK regulations, the company must have an APERD permit for these plans.

"Every collaboration, each company must have an interest in getting it go into. Invisee and so do we. But the loss here is user due to the layered process. It would be much better if APERD was under us because each company doesn't have to look for it go into each other, but can think together how to give the maximum benefit to the user,” added Franky.

Features and future plans

FUNDtastic+ products will complete the series wealth platforms that FUNDtastic set up to acquire new users. Other products that have been released by the company are FUNDtastic Direct to target retail customers; FUNDtastic for Advisor is intended for financial planners and agencies to invite their users and provide product recommendations.

Next FUNDtastic for Business to make it easier for employees to prepare pension funds through payroll which is deducted every month to be invested in investment products.

Franky explained, in terms of features, there are also many new developments that are combined with elements of Gamification. One of them is the Shared Mission feature for friends who plan to travel and prepare their funding needs by investing in various instruments.

"Indonesian people like to work together and sharing experience. So in this feature we create mission to encourage people to prepare their plans by investing. With invite friends, there will be a notification that goes into everyone's account to join in saving too."

Currently FUNDtastic has 6 thousand active users with a total of 16 thousand registered users. The total managed fund has reached IDR 92 billion since the company first started operating in August last year. When calculated per month, each user has allocated an investment fund of IDR 15 million on average.

Franky targets that in 2021 the company will be able to manage funds of Rp500 billion. The company has collaborated with nine investment managers, some of whom are Mandiri Investasi, BNI Asset Management, and Trimegah Asset Management.

Another financial service product that will be released is insurance in September. It's just that he is not willing to go into further details regarding this. Franky ensures that the insurance products sold will be related to the needs of his customers so that they are right on target.

He also opened a discourse to re-acquire other companies, if needed to support the company's mission. However, he ensures that this acquisition or deeper collaboration will only occur through the initiation of collaboration first.

"We will see impactits how far for the user. If necessary, strategic steps will be taken. But what is certain is that the collaboration has to go first,” he concluded.