Indonesia’s Software as a Service (Saas) startup Paper.id announced that it has closed an undisclosed amount of Series A funding from Southeast Asia-based venture capital firm Golden Gate Ventures and Indonesia’s P2P lending platform Modalku.
The company said that it plans to use the funding to improve its digital invoicing and bookkeeping system, as reported by KrAsia.
“The funding will encourage us to grow and reach more small-medium enterprises (SMEs), and help them with digital invoicing and bookkeeping. We also aim to bridge SMEs to access different financial facilities from bank partners and P2P lending platform,” said CEO and co-founder of Paper.id, Jeremy Limman.
Limman also noted that most of Indonesia’s SMEs still do their accounting manually. Only about 8 per cent of roughly 59.2 million SMEs recorded to have move its bookkeeping digitally.
Established in 2016, Paper.id is a Software-as-a-service (SaaS) startup that offers invoicing, accounting, and inventory software targeted for and designed with SMEs in mind. It also offers a feature called Paper Finance Solution, that allows entrepreneurs to access loans from bank institutions and P2P lending platform.
The firm said it has more than 100,000 users at the moment, and has processed more than 800,000 invoices.
Earlier this month, Golden Gate Ventures also invested US$1.5 million in an on-demand workforce startup Sampingan from Indonesia, participating in its pre-Series A round of financing. Antler, a startup generator and early-stage VC, and several notable angels, also participated.
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