Indonesian wealthtech firm banks $4.5m in pre-series A round

Indonesian wealthtech startup Moduit has secured US$4.5 million in pre-series A money in a round led by Singapore’s Reciprocus Moduit Holding (RMH).

The startup is planning to follow this up with a series A round by the end of next year.

Moduit founders Charles Jap (left) and Jeffry Lomanto / Photo credit: Moduit

RMH represents a group of backers led by Reciprocus Financial Services, Singapore-based fintech firm Helicap, and insuretech entrepreneur Walter de Oude. Indonesia’s Alto Network, a subsidiary of the Djarum Group, also participated in this round, according to a statement.

Moduit’s digital platform houses curated investment products, including Indonesian mutual funds and bonds, registered under the country’s Financial Services Authority (OJK). It was founded in 2018 by Jeffry Lomanto and Charles Jap, who have over 15 years of experience in wealth management and technology, respectively.

The company will use the new capital to offer more curated wealth management products besides mutual funds and bonds. “We aim to attract more professionals to join us as Moduit Advisory Partners by offering them more opportunities and a better balance of life,” Lomanto said.

So far this year, the company said it grew its assets under advisory (AUA) by more than 40%, with the average ticket size for its business-to-customer clients reaching US$4,600 per client. Moduit also claims it saw a 74% increase in the number of its advisory partners, who now handle portfolios of US$60,000 per client on average.

For 2022, Moduit is aiming to triple the number of its advisory partners and drive a sevenfold increase in AUA.