Wealth tech startup Moduit Digital Indonesia has raised $4.5 million in a pre-Series A funding round led by Singapore-based Reciprocus Moduit Holding.
The startup will use the proceeds to expand its products and features.
Reciprocus Moduit Holding, or RMH, represents a consortium led by a Singapore-based advisory firm Reciprocus Financial Services, insuretech entrepreneur Walter de Oude, and fintech platform operator Helicap.
Alto Network, an Indonesian switching company and part of conglomerate Djarum, also participated in the round. The conglomerate has a stake in Alto through its venture capital arm Central Capital Ventura, a subsidiary of Indonesia’s largest private bank by market cap Bank Central Asia.
“Moduit has developed the digital tools that help its advisory partners open an important gateway to wealth for Gen-Zs and Millennials,” Reciprocus Financial Services CEO David J. Emery said in a statement.
Moduit is the first startup to benefit from the consortium’s effort to develop fintech in Southeast Asia, the statement said.
It will use the fresh funds to expand its platform, offering curated wealth management products on top of its existing products such as mutual funds and bonds. Moduit will also enhance its existing robo-advisor feature, providing an automated financial planning service.
Indonesian wealth tech sector has once again proved its allure to investors and users alike amid pandemic disruptions that have forced people to hold their discretionary spendings that are being channelled towards online investing.
According to DealStreetAsia’s report on The State of Wealthech in Indonesia, the country’s wealthtech startups have raised $356 million up to June 2021.
The number has yet to include the funding raised in the second half of the year, including Pluang’s $35-million round in September and Ajaib’s $153-million financing in October, taking the company’s valuation past the $1 billion mark.
Moduit, which was founded in 2018 by Jeffry Lomanto and Charles Jap, joined the wagon to attract unproductive assets owned by Indonesians. Both Lumanto and Jap have more than 15 years of experience in wealth management and technology, respectively.