The fintech startup Beppo, based in the Philippines, has successfully completed a pre-Seed funding round. This funding allowed the company to purchase five innovative bookkeeping firms and JuanTax, a tax platform accredited by the Bureau of Internal Revenue (BIR).
Beppo said in a statement on Wednesday that Wavemaker Partners led the funding round, which was for an undisclosed amount and included angel investors.
The statement lists Tala Buluran and Co. Accounting Firm, MBH Online Accounting and Business Solutions, KJA Compliance and Tax, Konsepto Business Process Solutions, Inc., and PayRun as the five pioneer bookkeeping companies.
According to the company, Beppo is better positioned to assist Filipino businesses with managing their finances and understanding tax filing obligations as a result of the acquisition of JuanTax.
It has been reported that Beppo’s revenue has increased by over 600% since December 2023, driven by an increase in web and mobile users as well as new client acquisitions.
The purchase of the business records of five early Philippine bookkeeping companies, which will function as the company’s sales and marketing division, has also increased the company’s clientele.
Going forward, Beppo stated that the company’s main goal is to reach out to more regions of the nation through collaboration with other service providers that have complementary services.
Within the next two to three years, the company hopes to enter the international market.
“We’re well aware of the issues and pain points that small businesses have to go through,
“With the acquisition of JuanTax and seasoned partner firms, we’re set to redefine the bookkeeping and tax compliance experience for businesses and the self-employed, so they can focus on what’s really important–driving sustainable growth,” said Jenny Galang, Chief Executive Officer of Beppo.
The demand for bookkeeping services is observed to be growing in tandem with the expansion of the small and medium-sized enterprise (SME) sector in the Philippines.
But there’s a problem with that: firms are having trouble keeping their employees, and there aren’t enough qualified accountants to meet the demand.
This increases the risk of financial errors and puts a strain on the resources of many businesses, forcing them to rely on untrained staff for bookkeeping.
Beppo streamlines accounting and tax compliance for independent contractors and Filipino enterprises.
