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Financial management start-up CrediBook raises US$8.1 million
The company adds to a list of start-ups focused on digitalizing Indonesia's sprawling retail MSME sector.
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Customers shop at wholesale food market Jakgrosir in Jakarta on March 12, 2020. CrediBook aims to expand its reach to more wholesalers in Indonesia. (JP/Made Anthony Iswara)
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inancial management start-up CrediBook has raised US$8.1 million in series A funding to expand its market reach to more Indonesian wholesalers.
The company said on Tuesday that it would use the funds to onboard more customers, develop technology, hire more workers and diversify its business. It has recorded 12 million transactions since its launch in 2020, most of which have come from wholesalers.
CrediBook began by offering bookkeeping, financial reporting and payment services for wholesalers and retailers. The firm launched online procurement platform CrediMart in September 2021 to help member wholesalers reach more retailers.
CrediBook CEO Gabriel Frans said the start-up had its sights on around 200,000 wholesalers that served 65 million retailers. The market, he said, was worth around US$260 billion.
“That is a very big number, and CrediBook wants to capture that potential,” he added.
The latest funding round was led by Monk’s Hill Ventures with participation from returning investors Insignia Ventures Partners and Wavemaker Partners.
CrediBook raised $1.5 million in January of last year in a pre-series A funding round that included investors Wavemaker Partners, Insignia Ventures Partners and Alpha JWC Ventures.
