The local investment platform and financial manager FUNDtastic raised Series A funding with total amount of US$7.7 million from various investor. The Investment led by private equity firm from Singapore, Ascent Capital Group, Indonesian tech investor, Indivara Group, and other investors.
The CEO, Harry Hartono, stated the fresh funding will be used for market expansion and develop more products. He said, during 2020, the number of users has increased almost five times to 110,000 accounts compared to 2019.
FUNDtastic owned by PT Chandharwealth Mandiri Indonesia and has been registered with the Financial Service Authority as a financial planner. Chandharwealth started the establishment with its own initial capital under the banner of Chandhar Capital Premier. Then, in 2018 starting the beta version, the company received a number of group capital injections.