Bizzi, a Vietnamese Software-as-a-Service (Saas) platform, announced raising $3 million in its pre-Series A round led by Money Forward, a leading FinTech/SaaS company in Japan.
Local venture capital firm Do Ventures and returning Singapore-based investor Qualgro also participated in the funding round that will help finance the firm’s product enhancement.
Bizzi, which seeks to streamline the manually draining accounting process, is the first mover in invoice processing automation solutions in Vietnam.
The Vietnamese Government took a decisive step towards digitization by issuing a decree on mandatory electronic invoices in both public and private sectors starting from July 1, 2022.
Nghia Vu, Co-founder & CEO, and Nguyen Nguyen, Co-founder & CTO, said that the fresh fund will be used to enhance the features and functionality of their product, and broaden Bizzi’s network of customers.
While Vietnam is still their main focus in the near term, the two co-founders said they will also look into expanding to other SEA markets with similar problems to be tackled.
Tatsuya Kanto, Chief Strategy Officer at Money Forward, said that Bizzi has been creating a major impact by helping thousands of businesses in their vital digitization efforts.
Money Forward is a fintech company, providing PFM (personal financial management) service “Money Forward ME” and SaaS accounting software “Money Forward Cloud”.
Since its launch in 2012, the company aims to solve the financial issues of all individuals and businesses by building an open and fair financial platform and providing essential services.
Vy Le, General Partner at Do Ventures, also said that Bizzi has speeded digital transformation in Vietnam by helping companies innovate their workflows and offering the finance team complete control over their accounts payable processes remotely.
On the other hand, Peter Huynh, Partner at Qualgro, also said that they are delighted to continue their investment in Bizzi and to support the team as they look to accelerate growth.