Philippine fintech startup Beppo has closed a pre-seed financing round led by Wavemaker Partners, with the participation of undisclosed angel investors.
The capital will enable the company to acquire JuanTax, an online tax platform accredited by the Bureau of Internal Revenue. The money will also be used to acquire five bookkeeping firms: Tala Buluran and Co. Accounting Firm, MBH Online Accounting and Business Solutions, KJA Compliance and Tax, Konsepto Business Process Solutions, Inc., and PayRun.
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The fintech startup is also considering expanding to other parts of the country by partnering with other service providers. International expansion is also in the offing.
Beppo automates accounting and tax compliance for Filipino businesses and the self-employed. Its AI technology uses OCR (optical character recognition) software to capture data from receipts and categorise transactions, saving time and reducing errors. JuanTax’s acquisition will help Beppo become a one-stop shop for Filipino businesses to manage their finances and navigate tax filing requirements.
The company said its revenue has surged over 600 per cent since December 2023, fuelled by a surge in web and mobile users and new client acquisitions.
Jenny Galang, CEO of Beppo, said: “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.”
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Eric Manlunas, co-founder and General Partner at Wavemaker Partners, added: “By automating repetitive and time-consuming bookkeeping tasks, Beppo enables businesses to efficiently manage their financial records and allocate their resources where they’re most needed—in growing their business.”
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