CrediBook founders with a retail customers
CrediBook, an Indonesia-based startup that provides bookkeeping app for SMEs, today announced that they have raised US$8.1 million in Series A funding round led by Monk’s Hill Ventures with participation from existing investors such as Insignia Ventures Partners and Wavemaker Partners.
This announcement followed a US$1.5 million Pre-Series A funding round that the company secured in January 2021 from Wavemaker Partners, Alpha JWC Ventures, and Insignia Ventures Partners.
In a press statement, CrediBook said that they plan to use the funding to accelerate CrediBook’s nationwide expansion, product development, talent acquisition, support increasing product categories from wholesalers, and onboard new wholesale partners.
“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.
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Central Jakarta-based CrediBook aims to help digitise SMEs in the country, primarily wholesalers, by helping them manage and track their expenses, payables, and receivables and streamline the ordering process. Its products include CrediMart to streamline an online ordering operating system for wholesalers to retailers while enabling end-to-end selling processes such as providing buy-now-pay-later (BNPL) options and logistics solutions.
CrediBook said that its digital bookkeeping app has logged more than 12 million transactions to date since its inception and that it has grown seven-fold in revenue in the past six months. It is currently operating in more than 40 cities, partnering with wholesalers to help resell their products on the platform, ranging from daily essentials, FMCG, over-the-counter (OTC) pharmaceuticals, stationery and office supplies to building materials.
It plans to extend its wholesaler partnerships and expand to sectors including fashion, F&B, and home essentials.
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Image Credit: CrediBook
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