Technological and communication advancements influence a variety of domains, including the financial and investing industries. Today, everyone is jumping in to grab a piece of the pie, including millennials.

According to Single Investor Identification (SID) data, people under the age of 30 account for the majority of capital market investors — 1.46 million persons or 46.75 percent of the total 3.14 million — as of August 2021.

However, the enormous number of technologically savvy millennials is not balanced with proper understanding or financial literacy, so they cannot adequately mitigate their risks. According to the same data, approximately only 16% of people aged 15-17 are financially literate.

 

 

 

 

 

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But that might not be the case for much longer, owing to people like Melvin Mumpuni. Melvin introduced the Finansialku application after he recognized that the financial industry in the digital era would not be the same as the traditional financial industry. This website intends to teach Indonesians about financial literacy correctly and safely.

"Finansialku is a financial application that assists users in managing and planning their finances. So that you can keep control of your funds and reach your financial objectives," Melvin, CEO and Co-Founder of Finansialku says.

Melvin founded Finansialku with the help of two coworkers, Harris Darmawan (COO) and Alvin Augusto Saputra (CTO). The Finansialku app has been available on the Google Play Store since early 2017.

According to Melvin, Finansialku began as a traditional financial planning firm with face-to-face consultations with clients. Then in 2015, they looked to the digital realm to help them expand their business skills and spread financial literacy to a broader audience. Around 2016, they launched an app for mobile devices and established a platform to provide financial education and suggestions.

Melvin and her friends predicted that Indonesia would enter the realm of financial technology a long time ago. Fintech is a technology that allows people to access financial information easily. Their app offers financial planning services, including advice on investments, budgets, and assets.

Users can buy mutual funds directly through the Finansialku app or website, in addition to financial planning services. Finansialku, in partnership with Bareksa, offers 17 mutual fund options in this case. It is currently exploring more financial options that could be offered on its platform.

Finansialku also offers information on investment, insurance, financial planning and provides user training. Currently, 335,349 people actively use the application.

"We wish to help Indonesians achieve their financial goals through financial planning. This ambition is realized through an emphasis on financial education and easy access to financial products," Melvin said.

Melvin said he first conceived the idea that would become Finansialku while he was working on his thesis for the Master of Business Administration degree at ITB Business School.

At the time, the financial planning profession was still in its infancy, and the market had not been adequately informed. Then, with the help of three colleagues, they created the website Finansialku.com, which includes free financial planning information.

Today, the Finansialku platform has evolved from a financial education service to a financial planning service. The Finansialku application is aimed at employees, freelancers, entrepreneurs, homemakers, and students.