Indonesian investment platform FUNDtastic lands $7.7 million Series A – TechCrunch

Despite the market impact of the COVID-19 epidemic, Retail investment in Indonesia is increasing, Especially in people between 18 and 30 years of age. Today, investment platform Fantastic Announced that a $ 7.7 million Series A has been raised to tap into that demand, with plans to launch new products for retail investors Report.

The round was led by Singapore-based Ascend Capital Group, with participation from other investors including tech holding company Indivara Group. Fundtastic plans to add retail bonds, insurance and peer-to-peer loans to its existing roster of mutual funds and gold investment options.

Fantastic AcquiredThe mutual fund and securities portal, last year for $ 6.5 million, allows it to sell mutual fund products directly.

Based in Jakarta, Foundastic was founded in 2019 by Harry Harton, Frankie Chandra and Medwin Susilo. While capital investment in Indonesia Is relatively short, Preferring to invest in real estate rather than many, the number is gradually increasing as young professionals diversify their holdings. The Indonesian Stock Exchange is also launching initiatives to attract more retail investors.

Other startups focused on making retail investment more accessible to Indonesians include Ajayb and Bibit, both of which have recently raised funds.