Indonesia’s wealthtech startup Moduit Digital has recently announced that it has raised $4.5 million in a pre-Series A round led by Reciprocus Moduit Holding, a Singapore-based firm.
Reciprocus Moduit Holding (RMH) represents a consortium led by Reciprocus Financial Services, a Singapore-based advisory firm; Walter de Oude, an Insurtech entrepreneur; and Helicap, a FinTech platform.
The funding round also saw participation from an Indonesian switching company and part of conglomerate Djarum, Alto Network. The conglomerate has a stake in Alto Network through Central Capital Ventura, its venture capital arm and a subsidiary of the country’s largest private bank by market cap-Bank Central Asia.
Moduit Digital is planning to follow up with the Series A round by the end of the year 2022.
The startup plans to use the proceeds from this funding to expand its product and features. Moduit will also curate wealth management products besides its existing products-mutual funds and bonds. The company will also be looking at enhancing its existing Robo-advisor feature, offering an automated financial planning service.
David J. Emery, CEO Reciprocus Financial Services said in a statement, “Moduit has developed the digital tools that help its advisory partners open an important gateway to wealth for Gen-Zs and Millenials.”
Moduit becomes the first startup to benefit from the consortium’s efforts to develop FinTech in the Southeast Asian region.
The wealthtech sector in Indonesia has seen a boost amid the pandemic that forced people to hold their discretionary spending that is being channelled towards investing online.
Moduit Digital was founded in 2018 by Charles Jap and Jeffry Lumanto with a focus on attracting unproductive assets owned by people in the country. Both Jap and Lumanto have over 15 years of experience in technology and wealth management respectively.
The Wealth Management and Advisory platform services individual investors and financial professionals by OJK, Financial Servcies Authority of Indonesia. The platform offers wide range of capital market products. The startup holds Brokerage and Advisory License under supervisory of OJK.