JAKARTA, Indonesia, Sept. 27, 2021 /PRNewswire/ — 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 App
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
About MAKMUR
MAKMUR is a start-up that provides technology-based investment app to help Indonesians plan their financial goals and invest for the long term easily, safely, and sustainably. All investment plans are designed by experienced investment professionals based on quantitative research and big data. MAKMUR is established by a former Head of Quantitative Strategies at Virtu Financial, a leading quantitative trading firm in Wall Street and an ex Facebook Software Engineer. The team has a cumulative 30 years experience in the investment and technology space in reputable companies such as IndoPremier, Traveloka, and IBM and are graduates from the best universities in the world such as Stanford University, UC Berkeley, Columbia University, and Purdue University.
About BEENEXT
BEENEXT is a Venture Capital fund managed by serial entrepreneurs that focuses on assisting founders with its operational experience, network, trust, unique perspectives, and the capital. The team invests in early-stage tech start-ups that are focused on building the new digital platforms driven by the data network. BEENEXT aims to establish a platform of founders, by the founders and for the founders across the globe, primarily in South East Asia, India and Japan. Since its establishment in 2015, the team has invested in over 200 companies globally.
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
