FUNDtastic Targets Millennial Market Through "Wealth Platform" Branding

Market enthusiasm for investment platforms online keep growing. This can be seen from the increasing number of similar platforms that offer diverse business models and portfolios.

One of which is FUNDtastic who participate in encouraging investment growth in Indonesia, especially for millennials. Not many people know that this startup was founded in 2016.

There are four founders, including Harry Hartono (CEO), Franky Chandra (CIO), Medwin Susilo (CTO), and Eri Primaria (founder PT Nusantara Sejahtera Investama).

Awareness low investment platform

Although it has been established since 2016, the FUNDtastic platform has just launched in 2019. In the session virtual visit media with DailySocial, Franky revealed that during that period the company conducted market research related to market perceptions of financial products offered through digital platforms.

"During our research since 2017, we saw that the Indonesian market was not ready to accept investment platforms more aware with platform E-commerce and payment. This platform was more popular at that time," said Franky.

According to Frank, awareness Indonesian society to online investment platforms still low. People are considered still confused in choosing the right investment product. This is a challenge for companies when developing the FUNDtastic platform.

Citing data from the Financial Services Authority (OJK) as of 2019, he said the number of investors in Indonesia was only around 2-3 million. In fact, there are 50 million people who are considered potential investors with a record of earning above IDR 5 million per month and able to set aside money for investment.

This percentage is very low when compared to Malaysia, where the number of investors has reached 67 percent. In addition, millennials in Indonesia who are quick to adapt to digital products continue to grow. The Central Statistics Agency (BPS) recorded that there were 12,6 million millennial workers in Indonesia as of 2019.

"Pain points us in developing FUNDtastic at that time was access to an investment platform that user-friendly, difficulty choosing a portfolio, and finding a suitable platform with lifestyle them," Franky said.

Position yourself as wealth apps

For this reason, he continued, the company from the beginning positioned itself as a platform for product wealth, not an investment platform. This platform is designed to be digital hubs linking stakeholder in the financial ecosystem, starting from customer, advisor, corporations, investment product providers, third party platforms, to regulators.

"We want to present a product that lifestyle-related and expert in this business so that customer feel comfortable. Our products also go through a curation process. Hence, we positioned it as wealth apps, no investment apps. We want to bring journey them through this application," he said.

Just like a number of other digital platforms, the registration process and KYC are entirely done through the FUNDtastic app. This platform is also supported by AI technology to recommend the right portfolio according to your needs and income customer. Likewise payment options, starting from virtual accounts, bank transfer, digital payment, and auto debit.

FUNDtastic business development

Currently, there are only four services offered by FUNDtastic, including FUNDtastic Direct, FUNDtastic for Advisors, FUNDtastic Biz, FUNDtastic for Platforms. Meanwhile, the investment products offered are mutual funds, gold, and Government Securities (SBN).

Franky revealed a number of future business development plans to expand his product portfolio. One of them is the presence of insurance products and services p2p lending soon. Currently, his party is in the process of integrating with insurance partners and p2p lending.

In addition, the company is also developing new features, enabling customer to record expenses and income. Franky said that this feature will be integrated directly with internet banking belongs to customer.

"For us, this [feature] is our advantage in the investment platform market. In fact, later this feature will be related to the product micro-investment we. Currently, we are still in the process of exploring cooperation with several large banks, one of which is BCA," he added.