FUNDtastic Gets Series A Funding Of 108 Billion Rupiah Led By Ascend Capital Group

Investment platform and financial management platform FUNDtastic announced a series A funding round of $7,7 million (over 108 billion Rupiah). The funding was led by Ascend Capital Group, followed by Indivara Group and other investors.

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

"With investors' trust in FUNDtastic, we can continue to develop investment products that can be easily accessed, including novice investors," he explained, Monday (22/2).

FUNDtastic is one of the investment players who thrived during the pandemic. The Indonesia Stock Exchange noted that the number of capital market investors reached 3,54 million investors, 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 there was Wonderful and Seeds which announced the acquisition of fresh funds.

Harry explained post acquisition of the Investee platform last year, FUNDtastic's users almost quadrupled, reaching 110 thousand people. This increase is in line with the amount of funds under management reaching the range of Rp. 200 billion.

FUNDtastic Co-Founder and Chief Investment Officer Franky Chandra added that this increase was driven by several factors. Apart from that the company provides products based on people's needs, mainly because of the pandemic that requires accelerating the absorption of digital finance.

"Also the real role of associates in educating the public continuously and especially the regulator (OJK IKD) who 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 this year will be even higher seeing that user retention continues to invest in the FUNDtastic platform during 2020.

Likewise Ascend Capital, one of the FUNDtastic investors who sees the management and team as a solid foundation in supporting business growth.

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

“FUNDtastic is also able to embrace people who have not been reached by banking products (unbanked) for active participation as an investor. A progressive step that can expand potential new investors to invest easily," he added.