Makmur, an Indonesian investment app comparable to Betterment in the United States, has received a “seven-digit” initial investment headed by Beenext, with participation from Jakarta-based investment company Kinesys Group and Singapore-based Trihill Capital.
Yiping Goh of Quest Ventures, Edward Tirtanata of Kopi Kenangan, Vidit Agrawal of GajiGesa, and Andrew Lee, a former unicorn executive, were among those who attended.
Makmur will use the funds to expand the company’s features and products, according to a news statement.
Makmur was founded in 2019 by Sander Parawira, a former Virtu Financial executive and Facebook programmer. The app allows Indonesians to plan their financial objectives (emergency fund, retirement money, and children’s education fund) all in one place.
Users may therefore achieve their objectives by investing for the long term, independent of market conditions, with the help of skilled investment experts who use quantitative research and big data to help them.
The Financial Services Authority of Indonesia (OJK) granted Makmur a formal license in February 2021. It claims to have partnered with ten of the country’s top investment managers since then.
People may start investing with an initial amount of IDR 10,000 (US$0.7) and no transaction charge using the app, which is accessible to both Android and iOS.
Makmur can produce optimum plans suited to customers’ risk tolerance, investment horizon, and current economic conditions using a patented dynamic asset allocation technique used to its goal-based investing and Robo Advisory capabilities.
It also uses optical character recognition and face recognition technologies to make account opening simple and quick for consumers.
In recent years, the Indonesian retail savings and investment industry has accelerated. According to Research and markets, the market’s worth has quadrupled since 2008, from US $108 billion to US $326 billion in 2018. In the year 2022, this figure is anticipated to exceed $400 billion.
Following an unknown sum of funding from a bevy of regional investors, PINA revealed its plans to launch a wealth management and financial planning app in November on Monday.
Ajaib, an Indonesian online investing platform aimed at millennials and first-time investors, secured a massive US $90 million Series A financing earlier in March, making it one of the largest in Southeast Asia.
