Indonesia’s Software as a Service (Saas) startup Paper.id has finalized its Series A funding collecting an undisclosed amount from Southeast Asia Golden Gate Ventures and Indonesia’s peer to peer lending platform Modalku.
The management declined to mention the raised amount but said that it will use the fresh funds to improve its digital invoicing and bookkeeping system. In general, a Series A funding is between USD 1 million to USD 10 million.
“The funding will encourage us to grow and reach more small-medium entrepreneurs (SMEs), particularly in helping them with digital invoicing and bookkeeping. Also, to bridge SMEs to access different financial facilities from bank partners and P2P lending platform,” the firm’s CEO and co-founder Jeremy Limman said at the press conference.
Limman also said that most of Indonesia’s SMEs are still operating their accounting manually, and only 8% of about 59.2 million SMEs have digitized its business, therefore, there is a huge potential for Paper.id to grow.
Paper.id is a Saas firm that provides software for invoicing, accounting, and inventory for SMEs. The company, established in 2016, also offers a feature called Paper Finance Solution, to bridge entrepreneurs to access loans from bank institutions and peer to peer lending platform. Currently, The firm has more than 100,000 users and has processed more than 800,000 invoices.