Indonesian Investment App Makmur Secures Seven-Digit Seed Funding

Fazzaco learned that Indonesia-based investment App Makmur.id (Makmur) has completed a seven-digit seed funding round, led by BEENEXT.

Other participants include Kinesys Group, Trihill Capital, and eminent angel investors Yiping Goh (Quest Ventures' partner), Edward Tirtanata (Kopi Kenangan's CEO), Vidit Agrawal (GajiGesa's CEO), and Andrew Lee (former unicorn executive).

The startup was founded by Sander Parawira last year, with the goal of raising financial literacy and inclusions among Indonesian citizens. The capital market in this country has experienced a significant growth, however, the number of investors today is still fewer than 2% of the population. And financial advisory is generally available for high-net worth investors. Whereas, Makmur has figured out ways to digitalize and democratize the services, making them fully accessible and affordable for Indonesian citizens.

In February 2021, the firm has obtained the Mutual Funds Selling Agent license from Indonesia’s Financial Services Authority (OJK). Then in July 2021, the Makmur App was available on the Apple App Store and Google Play Store.

"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," said Sander Parawira, founder and CEO of Makmur.