Fintech FUNDtastic Acquires Invisee Platform for IDR 95.8 Billion
Fintech company FUNDtastic has just acquired Invisee, a mutual fund platform for US$ 6.5 million or around IDR 95.8 billion (exchange rate of IDR 14,748). The acquisition is the company’s effort to expand its market reach and investment products through mutual funds.
Chief Information Officer (CIO) as well as FUNDtastic Co-Founder Franky Chandra said the acquisition was an attempt to rebrand Invisee to FUNDtastic +. The platform will become the company’s new business pillar to target cooperation and collaboration with various financial institutions and other digital partners.
“By acquiring Invisee, we can expand the reach of investment products to the public. Providing more mutual fund product variants and collaborating with digital partners and other financial institutions,” said co-founder of FUNDtastic, Franky, Tuesday (11/8/2020).
Through the acquisition of Invisee, Franky continued, the company has additional licenses as a Mutual Fund Selling Agent (APERD) and a Government Debt Securities Distribution Partner License.
“This is FUNDtastic’s first step to focus on becoming a ‘one-stop wealth solution platform’ and to open up opportunities for Indonesians to build their finances,” Franky was quoted as saying in a press release, Monday (10/8).
The Merger of the Two Platforms will Increase the Managed Funds
“We have experienced the impact of a decrease in investment only in March-April because of COVID-19, but since April until now it has continued to grow. Existing customers do not make redemptions [sales],” he said.
Before the acquisition, he added, FUNDtastic and Invisee have been working together since August 2019 by providing mutual fund products, marketed by Invisee through the FUNDtastic platform.
“FUNDtastic sees the same vision and mission of the two platforms in this collaboration with Invisee. This is to give Indonesians access to mutual fund products from asset management companies,” he said.
Franky said FUNDtastic has 6,000 active users with a total of 16,000 registered users. The total managed funds on the platform reached IDR 92 billion. Thus, every FUNDtastic user allocates an average investment of IDR 15 million.
“By obtaining total managed funds, it means that we can maintain monthly growth of approximately IDR 10-15 billion. Then, after joining Invisee, the total AUM at the end of 2021 is approximately IDR 500 billion, “he said.
Furthermore, Franky said, Invisee investors who have reached 100,000 users will soon join the FUNDtastic platform. It ensures a smooth user migration. Invisee Founder and PT NSI Director Eri Primaria are optimistic that this collaboration can provide the best service for its users.
Migration also includes Invisee’s managed funds of IDR 27.6 billion or 30 percent of FUNDtastic’s total managed funds of IDR 92 billion as of June 2020. The company is targeting total managed funds to increase to IDR 500 billion in 2021.
Providing Investment Programs According to User Needs
For information, FUNDtastic is a fintech that provides investment programs that match financial targets and design the right investment strategy for each user. In addition, FUNDtastic has access to a certified financial advisor (CFP) for users who wish to have deeper consultations regarding their personal finances.
FUNDtastic users can also have access to strictly curated gold buying and selling services, insurance, and various other financial products from fintech.
To date, FUNDtastic has collaborated with nine well-known investment managers, namely Mandiri Investasi, BNI Asset Management, Trimegah Asset Management, Insight Investments Management, Danareksa Investment Management, Bahana TCW Investment Management, Syailendra Capital, Eastspring Investments and Principal Asset Management.
FUNDtastic is under the auspices of PT Chandharwealth Mandiri Indonesia which has been registered with the OJK as a Financial Planner – Digital Financial Innovation Group (GIKD) as of July 2019. The platform can be downloaded on the App Store and Play Store.