Bizzi, a Vietnam-based AI-powered invoice processing automation system, has received $3 million in a pre-Series A investment sponsored by Money Forward, a Japanese fintech firm.
Do Ventures and current partner Qualgro are among the other investors.
With the new investment, Bizzi intends to improve the features and functionality of its products as well as expand its customer base to other Southeast Asian markets.
“We will support the company in building the largest receivables and payables management platform in Vietnam by sharing the know-how cultivated in the Money Forward Cloud business,” said Tatsuya Kanto, chief strategy officer at Money Forward.
Bizzi is a SaaS platform that automates the time-consuming accounting process for finance teams, co-founded in 2019 by CEO Nghia Vu and CTO Nguyen Nguyen.
Bizzi’s unified platform, which is driven by artificial intelligence (AI) and robotic process automation (RPA), can be integrated with suppliers’ current ERP/accounting systems to automate financial processes including bill payment, receipt scanning, compliance, and bookkeeping.
According to the startup, its technologies reduce the invoice processing time by 80%, reduce costs by 50%, and improve transparency and tax compliance.
Bizzi, according to a press release, has reached a monthly invoice processing value of more than $300 million.
Bizzi boasts big clients such as Grab, GS25, Circle K, Tiki, Guardian, Medicare, Pharmacy, and over 4,000 vendors, and is secured by Amazon Web Services and follows the worldwide information security standard ISO 27001.
The global accounts payable automation market is expected to reach US$3.1 billion by 2024, according to the “Accounts Payable Automation Market” research, with a CAGR of 11% from 2019 to 2024.
