Pre-Series A Funding Pockets, Halofina Focuses on Product Development and Talent Acquisition

A virtual assistant app to help users plan their personal finances Halofina announced Pre Series A funding led by Mandiri Capital Indonesia (MCI). The investor who joined this funding round was Finch Capital. It was not stated further how much the nominal funding was disbursed, but MCI, represented by the CEO of Mandiri Capital Indonesia Eddi Danusaputro, said that in accordance with ticket sizes Pre Series A, the value ranges from US$1 million to US$5 million.

As a startup assisted by MCI, it is hoped that Halofina can contribute to the ecosystem of Bank Mandiri and its subsidiaries.

"Although Halofina is our fostered startup, it does not rule out the possibility for Halofina to form partnerships with other banks or related financial institutions that have products that are relevant to Halofina. Maybe in the future it is possible that MCI will place a commissioner or enter the management line at Halofina," said Eddie.

The funding this time is bridging to the next stage of funding. The company targets to obtain Series A funding in the second or early third quarter of 2020.

“Since the beginning of Halofina, our mission has been to participate in promoting financial literacy and inclusion in Indonesia, through technology-based solutions. We are very grateful for the support from MCI and Finch Capital. This funding for us is a belief and hope to be able to work and contribute more to the community," said Halofina Co-Founder & Chairman Eko Pratomo.

Focus on talent acquisition and introduce new products

The fresh funds will be used to add new talents to join the Halofina team. As a digital financial consulting platform, Halofina claims to have been accessed by more than 15 thousand users. The target is that by the end of 2020, that number could increase to 500 thousand people.

When asked about the products being developed, Halofina Co-Founder Adjie Wicaksana revealed, Halofina's focus is currently developing algorithms that can provide recommendations. risk profile and asset allocation to users who want to create life plan.

"We will use the monetization strategy later sharing fees with related parties and subscription services to users. But for now Halofina can still be accessed for free," said Adjie.

Halofina is currently joining the Financial Services Authority's Digital Financial Innovation (OJK Sandbox) in the Digital Financial Planner category. The company launched the integration of mutual fund products since March 2019.