Jakarta-based digital ledger CrediBook has just announced that it has secured a pre-Series A fund amounting to $1.5 million from Wavemaker Partners, Alpha JWC Ventures, and Insignia Ventures Partners. The FinTech plans to use the fund to reach more users by developing its platform to offer services to medium-sized businesses and expand its business-to-business reach.

CrediBook is a digital ledger that allows business owners to manage and track their expenses, accounts receivables, and receipts through a mobile platform. It mainly offers solutions for SMEs to better track their financials. The platform allows business owners to manage their customers by sending free bill reminders to their customers via SMS or WhatsApp. The platform also allows users to directly receive payments through CrediBook.

With just about a year of operations, the userbase has grown from 200,000 in August 2020 to 500,000 users spread across the country to date. Current users are mostly SMEs that offer laundry services, run automotive workshops, and sell construction materials and fashion items. Within the first five months of its operation in 2020, CrediBook was able to help businesses record a total of $350 million worth of receivables from their customers.

The startup was co-founded in early 2020 by Gabriel Frans, who has gained over three years of product management experience at tech companies such as Kudo, BAMMS PT Teknologi Optimal Prima, and most recently Traveloka. Dekha Anggareska, a software engineer, is now the startup’s CTO. Insignia Ventures Partners is a returning investor after having taken part in the startup’s undisclosed seed funding round last August 2020.

The Co-Founder and CEO Frans said that the team is planning to use the fund to work on its product to help more medium-sized enterprises and expand on their B2B products. Frans added, “We want to handle not just bookkeeping. We are seeing that in medium-sized businesses, there are a lot of manual processes. We want to handle more on business activities, like invoicing, order management, and also payment.”

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