CrediBook secured $8.1 M in Series A investment headed by Monk’s Hill Ventures
CrediBook, an Indonesian company that provides accounting software for SMEs, revealed today that it has secured US $8.1 million in a Series A fundraising round headed by Monk’s Hill Ventures, with previous investors like Insignia Ventures Partners and Wavemaker Partners participating.
This news came after the firm received a US $1.5 million Pre-Series A fundraising round from Wavemaker Partners, Alpha JWC Ventures, and Insignia Ventures Partners in January 2021.
CrediBook plans to use the cash to speed its statewide expansion, product development, talent acquisition, support rising product categories from wholesalers, and onboard additional wholesale partners, according to a news release.
“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. We are excited to chart an even more successful trajectory focused on expanding our team, services, and product development,” said Gabriel Frans, CEO and Co-founder of CrediBook.
CrediBook, situated in central Jakarta, intends to enable SMEs in the nation, especially wholesalers, digitise their operations by assisting them in managing and tracking their costs, payables, and receivables, as well as streamlining the ordering process. CrediMart is one of its products, which streamlines an online ordering operating system for wholesalers to retailers while enabling end-to-end selling procedures including buy-now-pay-later (BNPL) alternatives and logistical solutions.
CrediBook claims that its digital bookkeeping app has processed over 12 million transactions since its launch and that income has increased seven-fold in the last six months. It presently operates in over 40 locations, collaborating with wholesalers to assist resale of their items on the platform, which include daily necessities, fast-moving consumer goods (FMCG), over-the-counter (OTC) medications, stationery and office supplies, and construction materials.
It intends to grow its wholesaler connections and enter new markets such as fashion, food and beverage, and home basics.
