I recently signed up for yet another investing alternative platform called Fundaztic. They just only went live in July 2017 and needless to say I promptly signed up to test it out.
Fundaztic is one the 6 companies granted license by Securities Commission of Malaysia to conduct peer-to-peer financing in the country. They aim to achieve funding goal of RM40 million in their first year of operation, and made their debut with 5 investment notes available for investors with total funding amount of RM530k.
The company is founded by former executives in the banking industry and a lawyer with a combined 50 years of experience in finance, law and technology, with a startup capital of RM5 million.
At first glance Fundaztic’s website has a minimalist look and one could be forgiven for thinking that they lack the appropriate robustness required for a company involved in finance. However the more I use the site, the more I find it pleasing and easy to navigate. Signup was a breeze too – just send the required documents and your account should be approved without a hitch.
From my experience so far, Fundaztic’s investment opportunities are pretty decent. They differ from Funding Society from the way they present the available notes to invest in. Each investment opportunity is given a grade according to the risks involved. The higher the risk, the lower the grade, similar to how bonds are graded. Needless to say the higher grade investments were funded pretty quickly so I missed the boat, so to say.
Rest assured, they do have many investing notes that they update regularly. The company has only funded less than RM1.37 million in loans since launching (compared to Funding Society’s whopping RM200 million). Yet I believe Fundaztic’s best days are yet to come. As of September 2017 the platform boasts around 1500 active investors with RM252k paid out in profits to members so far. That is a pretty impressive feat to achieve in 2 months.
*Edit 15th January 2017 – Fundaztic has an app now! It makes it so much easier to check all your investments and funded notes and participate in new note releases. This is definitely a positive development and puts it on par with Funding Societies.