According to reports, FlowAccount, a Thai accounting SaaS firm, has raised US$4 million in a Series A round led by Sequoia Capital India.
Money Forward, based in the United States, and SBI Investment, based in Japan, were among those who took part.
The new funds will be used to improve the platform’s functionality and small-business offerings. The firm also intends to expand beyond accounting into fields such as payments, e-commerce, and fintech as part of its plan to become a pandemic winner.
“Our vision is to become the go-to, seamless solution for anyone starting a new business in Thailand and beyond,” Kridsada Chutinaton, CEO and co-founder of FlowAccount, said told the publication.
FlowAccount, an online accounting service that uses cloud SaaS to enable freelancers, small business owners, and accountants in Thailand to manage their accounting, payroll, and expenditure activities on a single platform was founded in 2014. According to the company, its services are utilised by 50,000 people and are linked to banks and e-commerce platforms.
KBank, a 70-year-old Thai bank, provided its 1,000 SME clients the FlowAccount solution earlier this year to help them function more effectively by keeping them informed about their financial condition on a regular basis, better-controlling expenditures, and gaining better access to financing sources.
SBI Investments, Singapore’s Golden Gate Ventures, and Thailand’s 500 Tuk Tuks all participated in a pre-Series A financing headed by Beacon VC, Kasikornbank’s venture capital arm, in 2017.
Thai corporate software spending is expected to climb 13.6% to 45.9 billion baht (US $1.4 billion) in 2020, according to Gartner, a global technology research organisation. According to Gartner, cloud investment in Thailand might increase by 28.2 percent to 34.4 billion baht (US $1.1 billion) by 2022.