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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.
PT Moduit Digital Indonesia
PT Moduit Digital Indonesia (Moduit) is a digital private wealth management platform that provides a wide selection of curated investment products, including Indonesian mutual funds and bonds, registered under the Financial Services Authority (OJK). Moduit was founded in 2018 by Jeffry Lomanto and Charles Jap, who both have more than 15 years of experience in wealth management and technology, respectively. Moduit has already obtained three licenses from the OJK and one license from the Ministry of Communication and Information to meet all regulatory requirements. Moduit is headquartered in Jakarta, Indonesia, with support offices located in Bandung.
#Moduit
Reciprocus Group of Boutique Advisory Companies
Founded in 2011, Reciprocus Group of Boutique Advisory Companies is headquartered in Singapore and has offices in Zurich and New York. The company is leveraging on its extensive global network of experienced professionals and entrepreneurs and initially focused on facilitating mergers, acquisitions, and divestitures by providing high-quality research, scouting, and deal execution services. Reciprocus has since grown its scope of services to include advisory services in the financial services sector. For more information, please visit: 
http://reciprocus.com/
Helicap
Helicap is a Singapore-based FinTech firm connecting global investors to private investment opportunities in SEA. Our goal is to fill a $500 billion financing gap that banks are unable to serve and deploy capital to 300 million underbanked through 500 originator partners in the region. We have built an institutional-grade credit analytics technology that can churn and analyze millions of loan data points from origination platforms and extract meaningful credit rating insights. This is complemented by our fully online and MAS licensed investor deal platform, Helicap Securities. For more info, see: 
https://heli-cap.com/about
PT Alto Network Indonesia
Indonesia's leading provider of end-to-end bank switching and digital payment solutions, see: 
https://alto.co.id/aboutus
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