SINGAPORE - Media OutReach - 10 November 2021 - PT Moduit Digital Indonesia (Moduit), an integrated fintech wealth
management company, received funding worth USD 4.5 million, or IDR 65 billion in a
pre-Series A Round led by Singapore's Reciprocus Moduit Holding (RMH). The
funding was triggered by Moduit's strong performance in 2021, as young
Indonesians affected by the pandemic developed an appetite for investing and
managing portfolios online.
RMH represents a consortium of backers led by Reciprocus Financial Services Pte
Ltd, insuretech entrepreneur Walter de Oude and Helicap, a Singapore-based
fintech company that connects global investors to private investment opportunities in
Southeast Asia. In addition, PT Alto Network (Indonesia), a subsidiary of the Djarum
Group, also participated in this round.
Walter de Oude, who revolutionized the insurance industry as the founder of Singlife,
believes that "Moduit is the perfect platform to combine technology with financial
advice in Indonesia, and the company has all the ingredients for rapid growth and
success."
So far during 2021, without marketing support, Moduit's Assets Under Advisory
(AUA) grew by more than 40% as the average ticket size for its business to customer
(B2C) clients reached USD 4,600 per client. Along with that, the number of Moduit
Advisory Partners grew by 74%, who on average handle portfolios of USD 60,000
per client.
David J. Emery, Founder & Chairman, Reciprocus International Pte Ltd and
President/CEO, Reciprocus Financial Services Pte Ltd (RFS), acknowledged that the
pandemic is a double-edged sword. "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."
Moduit is the first start-up to benefit from the consortium's effort to develop fintech in
Southeast Asia, specifically in Indonesia. With this funding, Moduit will expand its
platform to offer added curated wealth management products in addition to 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,"
said Jeffry Lomanto, Moduit's Founder and Chief Executive Officer.
Moduit will also enhance the features of its existing Moduit Robo-Advisor that
provides automated, algorithm-based financial planning services with little or no
human supervision. David Z. Wang, Co-Founder, Group CEO, Helicap, 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."
Jeffry declared that, for 2022, the company targets tripling the number of Moduit
Advisor Partners and driving seven-fold growth in AUA. "The whole Moduit team is
extremely energized by this development. Even with the huge opportunity in
Indonesia, our ultimate goal going forward is expansion into the region, and we plan
to pursue Series A funding by the end of 2022," he concluded.
Armand Widjaja, CEO at PT Alto Network (ALTO), shared: "As an early-stage
investor in Moduit, I am excited to see the company achieve this milestone, which is
a good sign as conditions improve. I look forward to seeing Moduit expand in
Indonesia and beyond."
Additional information on Moduit can be viewed at www.moduit.id or follow social
media on IG @moduitapp, FB Moduit App and LinkedIn Moduit Digital Indonesia.
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