Indonesia-based investment app, MAKMUR, has secured a seven-digit seed funding round, led by BEENEXT, with participation from Kinesys Group, Trihill Capital, and notable angel investors including Yiping Goh (Quest Ventures’ partner), Edward Tirtanata (Kopi Kenangan’s CEO), Vidit Agrawal (GajiGesa’s CEO), and Andrew Lee (former unicorn executive). MAKMUR will use the capital to expand its features and product portfolio, as well as to hire new talented individuals and people development.
MAKMUR is a technology-based investment app that allows users to set their financial goals and reach them through long term investing. Similar to Betterment in the U.S., it has goal-based investing feature so users can easily invest towards multiple goals, such as emergency fund, retirement fund, and children’s education fund with the ease of using just one app.
The app also provides a Robo Advisory feature that adapts to users’ risk tolerance, as well as investment horizon, and prevailing economic conditions. This proprietary dynamic asset allocation technology helps users invest optimally regardless of whether the market is bullish or bearish.
Financial advisory are often available only for high-net worth investors. However, MAKMUR digitizes and democratizes such services to be completely accessible and affordable for all Indonesian citizens.
Sander Parawira, founder and CEO of MAKMUR, pointed out, “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 OCR (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.”
Faiz Rahman, BEENEXT’s partner, added “We are witnessing a new revolution in Indonesia where mass market come to realize 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.”
MAKMUR App to help build a robust inclusive financial ecosystem in Indonesia
MAKMUR app is the brainchild of Sander Parawira, a Stanford University’s graduate, formerly the Head of Quantitative Strategies of Wall Street’ leading quantitative trading firm, Virtu Financial. Prior to Virtu, Sander was a Software Engineer at Facebook.
Sander built the app with the aim to improve financial literacy and inclusions among Indonesian citizens. “Indonesia’s capital market investor has experienced a significant growth, however, the number of investors today in Indonesia is still fewer than 2% of the population. Following the seed funding round, we are hoping to bridge the financial inclusion gap while improving financial literacy across the country.”
Ever since the company obtained official license from Otoritas Jasa Keuangan (OJK) in February 2021, it has partnered with ten leading investment managers. They include Avrist Asset Management, Bahana TCW Investment Management, BNI Asset Management, Capital Asset Management, Eastspring Investment, FWD Asset Management, Principal Asset Management, RHB Asset Management, Syailendra Capital, and Trimegah Asset Management.
MAKMUR app is available on both Play Store and App Store for Android users and iOS users respectively. For further information, please visit https://www.makmur.id