CrediBook, a Y Combinator-backed Indonesian startup that provides bookkeeping app for SMEs, announced raising $8.1 million in Series A funding led by Singapore investor Monk’s Hill Ventures.
Existing investors such as Insignia Ventures Partners and Wavemaker Partners also participated in the funding round that followed a $1.5 million pre-Series A funding in January 2021.
CrediBook said it will use the funding to accelerate its nationwide expansion, product development, talent acquisition, product categories from wholesalers, and onboarding new wholesale partners. The app has logged more than 12 million transactions to date.
Since its launch in 2020, CrediBook has onboarded over 500+ active wholesalers and 22,000+ active retailers onto the platform. It has also shown real and relevant results to wholesalers – a 5% increase in average daily sales with its payment collections reminder and data organization, and a 20% increase in sales by enabling wholesalers to access more retailers on the platform.
Central Jakarta-based CrediBook aims to help digitise SMEs in the country, primarily wholesalers, by helping them manage and track their expenses, payables, and receivables and streamline the ordering process.
Its products include CrediMart, which was launched in September 2021 to streamline an online ordering operating system for wholesalers to retailers while enabling end-to-end selling processes such as providing buy-now-pay-later (BNPL) options and logistics solutions.
“Our mission is to empower wholesalers with the complete digitisation and transformation of their financial operations to save time, money, and solve inefficiencies through the CrediMart ecosystem where they are now able to streamline bookkeeping, orders tracking, inventory management, and logistic support all on one platform,” said Gabriel Frans, CEO and Co-founder of CrediBook. “We are excited to chart an even more successful trajectory focused on expanding our team, services, and product development.”
CrediBook said that its digital bookkeeping app has logged more than 12 million transactions to date since its inception and that it has grown seven-fold in revenue in the past six months.