Indonesia’s Moduit raises funds to expand wealth offerings

Nov 10, 2021
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Source:
Private Banker International
Private Banker International

Indonesia-based wealthtech startup Moduit has reportedly raised $4.5m in pre-series A round led by Singapore-based Reciprocus Moduit Holding (RMH).

RMH includes a consortium of backers led by Reciprocus Financial Services, Singapore-based fintech firm Helicap, and insuretech entrepreneur Walter de Oude.

Indonesia-based Alto Network also participated in the round.

Founded in 2018, Moduit digital platform features curated investment products, including Indonesian mutual funds and bonds.

The firm plans to leverage the proceeds from the round to expand its suite of wealth offerings in addition to mutual funds and bonds.

It is also planning to expand its team to drive growth.

Moduit co-founder Jeffry Lomanto said: “We aim to attract more professionals to join us as Moduit Advisory Partners by offering them more opportunities and a better balance of life.”

The fresh capital will also support the revamp of Moduit Robo-Advisor, which offers automated, algorithm-based financial planning services.

Reciprocus Financial Services president and CEO David Emery said: “Moduit has developed the digital tools that help its Advisory Partners open an important gateway to wealth for Gen-Zs and Millennials. The Moduit tagline: ‘Everyone Deserves to be Wealthy,’ is very appealing, and the founders know how to make that a reality.”

Helicap Group CEO David Wang added: “By making the personal and individualized experience of private banking available to more people, I see Moduit democratizing wealth management, and that will attract young professionals into the Moduit Advisory Partner ecosystem.”

Jakarta-headquartered Moduit is expected to launch its series A round next year.

In September this year, Indonesian investment app Makmur closed a seven-digit seed funding round to advance its features, bolster product portfolio and expand its team size.

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