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November 10, 2021

Indonesia’s Moduit raises funds to expand wealth offerings

By Verdict Staff

Indonesia-based wealthtech startup Moduit has reportedly raised $4.5m in pre-series A round led by Singapore-based Reciprocus Moduit Holding (RMH).

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GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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RMH includes a consortium of backers led by Reciprocus Financial Services, Singapore-based fintech firm Helicap, and insuretech entrepreneur Walter de Oude.

Indonesia-based Alto Network also participated in the round.

Founded in 2018, Moduit digital platform features curated investment products, including Indonesian mutual funds and bonds.

The firm plans to leverage the proceeds from the round to expand its suite of wealth offerings in addition to mutual funds and bonds.

It is also planning to expand its team to drive growth.

Moduit co-founder Jeffry Lomanto said: “We aim to attract more professionals to join us as Moduit Advisory Partners by offering them more opportunities and a better balance of life.”

The fresh capital will also support the revamp of Moduit Robo-Advisor, which offers automated, algorithm-based financial planning services.

Reciprocus Financial Services president and CEO David Emery said: “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.”

Helicap Group CEO David Wang 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.”

Jakarta-headquartered Moduit is expected to launch its series A round next year.

In September this year, Indonesian investment app Makmur closed a seven-digit seed funding round to advance its features, bolster product portfolio and expand its team size.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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