As the CFO of an Indonesian payment gateway, Rey Kamal assisted his business associates in keeping their books up to date and timely filing their tax returns. He began considering ways to automate the monthly accounting and tax work after a while since he felt it was becoming monotonous.
With the help of an old buddy, Adrian Yasin, Kamal was able to execute their business strategy in 2019 to “standardise accounting services like McDonald’s burgers”.
Ledgerowl was eventually founded by the two founders in the same year, and they have since bootstrapped the business. That has now changed though, thanks to a pre-seed round co-led by VC firms Init 6 and Investible in which the Indonesia-based company raised an undisclosed amount.
“While we’ve successfully bootstrapped to date, we realized how an injection of capital will add fuel to scale and grab this fast-growing market,” Kamal said as per reports.
Ledgerowl is developing back-office assistance for small and medium-sized firms, covering financial operations, accounting, and tax administration.
The business employs an AI-powered platform to automate bookkeeping operations, such as transaction categorization and data gathering, entry, and reconciliation.
The startup expanded seven times during the epidemic, Kamal claimed, as the demand for back-office support outsourcing increased.
Umawar Investment Group joined Ledgerowl in 2020 as the company’s first strategic partner. In addition, Ledgerowl has established strategic partnerships with the Indonesian FinTech firms Monit and Brankas as well as the New Zealand-based accounting software company Xero.
According to Ledgerowl, the new cash will be used to increase the client base and enhance the product roadmap. To make the process of creating financial statements simpler, it claimed to be “aggressively” expanding its machine learning skills.
