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Indonesia-based fintech startup CrediBook recently secured US$1.5 million in a pre-series A funding round from Wavemaker Partners, Alpha JWC Ventures, and Insignia Ventures Partners.
Launched in February 2020, CrediBook provides small and medium-sized enterprises with a mobile app that helps manage and track money owed through a digital ledger.
The app records receipts, expenses, and debt transactions on the platform. Users can send free bills via SMS or WhatsApp and receive debt payments directly from CrediBook.
It is currently charging fees on its payment feature as the company aims to become a profitable business.
The firm has more than 500,000 users to date, compared with 200,000 users in August last year, CrediBook CEO Gabriel Frans told Tech in Asia. Its users are from various sectors across the archipelago, covering laundry services and automotive workshops as well as stores selling fashion items and construction materials.
CrediBook also recorded US$350 million worth of customers’ debt in both the business-to-business and business-to-consumer markets during the first five months of 2020.
With the fresh capital, the company will develop its product to target medium-sized businesses, as well as further expand in the B2B segment, said the CEO.
“We want to handle not just bookkeeping. We are seeing that in medium-sized businesses, there are a lot of manual processes. We want to handle more on business activities, like invoicing, order management, and also payment,” Frans added.
The firm was co-founded by Frans, a former expansion product manager at Traveloka, chief operating officer Christian Lie, and chief technology officer Dekha Anggareska.
CrediBook’s latest fundraise comes after it secured an undisclosed amount of seed funding in a round led by Insignia Ventures Partners and financial app Payfazz in August 2020.
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