WealthTech Firm, Moduit, Raises $4.5 Million in Pre-Series A Round
The pre-series A funding round led by Singapore’s Reciprocus Moduit Holding (RMH) has begotten $4.5 million for Moduit.
Wealthtech startup, Moduit, is an online mutual fund platform that assists people who want to invest. As per the company mission, it partners up with the people looking for investment opportunities. And help them achieve their financial goals. It provides an easily available and manageable wealth management platform to users. Following this amazing idea, the company raised $4.5 million in the round led by Singapore’s RMH.
New investment has given enough confidence to the leadership and the employees. And this has encouraged the company to participate in the Series A funding round in the coming year.
RMH represents a group of backers led by Reciprocus Moduit Holding, Singapore-based fintech firm Helicap, and insure-tech entrepreneur Walter de Oude. However, it is also reported that a subsidiary of Djarum Group, Alto network, also joined this financing round.
Jeffery Lomanto and Charles Jap founded Moduit in 2018. Both of them have rich experience of 15 years in technology and wealth management respectively.
The platform provides different investment products. These products include Indonesia’s mutual funds and bonds. And they are completely legal. Because these products are registered under the country’s Financial Service Authority (OJK).
Moreover, the platform has been a great success since its inception. As per its reports, the assets under advisory grew by more than 40%. Alongside, the average ticket size for its business-to-customer clients reached US$4,600 per client. In the same way, the number of advisory partners of the company has also grown by circa 75%.
Therefore, the company is planning to use the current investment in expanding its curated wealth management products. Additionally, the company is also focussing to increase its advisory partners three-fold by the end of 2023.
“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.
There is no doubt that technology is upgrading the financial management processes upside down. The role of technology in the banking sector is evident from the increasing FinTech applications in the market. That’s why the custom fintech application development is in boom these days!