Fintech startup Halofina secures pre-Series A funding led by Mandiri Capital Indonesia

Indonesian financial management startup announces that it has raised an undisclosed amount of pre-Series A funding round led by Mandiri Capital Indonesia, backed by Finch Capital, DealStreetAsia has learned.

The company said that it will use the fresh capital for product development, organization and talent enhancement, as well as strategic partnerships.

This is the company’s second round of funding, as it previously received funding from Singapore-based Plug and Play, and Rekanext as well as Indonesian firm Radika in late 2018.

Halofina was founded in 2017 by Adjie Wicaksana and financial industry veteran Eko Pratomo. It is an AI-based personal financial planning application that helps its users manage their finances and build investment strategies.

Halofina said that its users are largely the millennial generation and middle-upper income group.

The company first launched its app in March 2018, and started off as a company that operated in the field of offline and online personal finance education, said Halofina co-founder and CEO Wicaksana in an interview with DealStreetAsia.

According to studies, the middle-income class in 2020 is expected to be 140 million people. And the majority of the middle-income group is the millennials. Upper middle income, millennials and savvy population amount to around 35 million people in Indonesia.

“The number is significant, particularly when we take into account the fact that the investors in our capital market are only over 1.5 million,” Wicaksana said.

Halofina’s main feature is LifePlan, which helps users calculate and plan their future financial needs for life goals like marriage, housing, education, vehicle, by giving them a cost estimate and calculating how much needs to be saved per month. The feature also gives a recommendation on asset allocation, based on users’ goals, risk profile, and financial profile, helping users decide on the investment products to purchase, which currently consists of mutual fund and gold.

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The platform then continues to provide users with the option of the products they need, as well as track and monitor it afterward.

“In the first quarter of next year, we will work with third parties to develop educational content such as an audiobook, podcast, video, and even online consultation which will enable experts to make content and provide consultation service,” Wicaksana said.

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