Tanamduit, an online mutual fund platform in Indonesia, has secured US$3 million seed funding from local venture capital firm RND Capital.
The fintech startup will use the newly-raised capital to develop new features on its platform, as well as for hiring and digital marketing and relationship management, as per a DealStreetAsia report.
Launched early this year, Tanamduit is a digital platform that assists users to plan, execute and monitor their mutual fund investments. It provides self-learning facility for first-time investors in mutual funds to help them recognise their risk profile, and also recommend suitable products for users based on their characters and needs.
The company claims to have facilitated more than Rp 20 billion (US$134 million) of investment for 8,000 registered users so far.
According to Tanamduit Co-founder and CEO Indra Suryawan, Indonesia is still in the early stages when to comes to mutual funds investments, particularly when compared to neighbouring countries. Only 0.25 per cent of Indonesians currently invest in mutual funds, compared to Thailand’s 30 per cent and Malaysia’s estimated 40 per cent.
“We still have many opportunities to expand market share and help the Indonesian economic movement, for this reason the funds must continue to expand. Increasing capital will help us realise that goal,” Suryawan said.
Tanamduit has formed partnerships with business like NU mobile and OJK Cooperatives and tech startups like Talenta to expand its user base. Recently, the company joined hands with lending startup Investree to roll out a mutual fund product on its peer-to-peer platform.