Indonesia-based investment app Makmur has closed a seven-digit seed funding round to advance its features, bolster product portfolio as well as expand team size.
Led by BEENEXT, the round was joined by Kinesys Group, Trihill Capital, and notable angel investors including Yiping Goh, Edward Tirtanata, Vidit Agrawal, and Andrew Lee.
Makmur enables users to set their financial goals and realise them through long term investing.
Its goal-based investing feature, similar to that of US-based Betterment, allows users to invest towards multiple goals, such as emergency fund, retirement fund, and children’s education fund.
In addition, Makmur offers a robo advisory feature that aligns with the risk tolerance of the users as well as investment horizon and economic conditions.
Makmur CEO Sander Parawira commented: “Many people think that investing in mutual funds is difficult, in which they have to go through a complicated account opening process and prepare a large amount of capital.
“Supported by Optical Character Recognition and face recognition technology, we offer an exceptional account opening experience that is simple and swift. It only takes five minutes to complete the account opening process, with an initial capital starting from IDR 10,000 (USD 0.70) and no transaction fee.”
Makmur obtained official license from Otoritas Jasa Keuangan (OJK) in February 2021.
Since then, it has partnered with investment managers including BNI Asset Management, Capital Asset Management, Eastspring Investment, Avrist Asset Management, and FWD Asset Management among others.
Commenting on the financing round, BEENEXT partner Faiz Rahman said: “We are witnessing a new revolution in Indonesia where mass market come to realise the importance of investing. MAKMUR enables retail investors to do prudent long-term investing to build wealth sustainably.
“We are very excited about MAKMUR and we look forward to having a long-term partnership with MAKMUR as we believe in their mission to make investing easier, cheaper, and more sustainable for Indonesians.”