CrediBook, an Indonesia-based bookkeeping app, announced Tuesday its $8.1 million Series A funding round led by Monk’s Hill Ventures with participation from existing investors such as Insignia Ventures Partners and Wavemaker Partners.

This round of funding will be used to accelerate CrediBook’s nationwide expansion, product development, talent acquisition, supporting increasing product categories from wholesalers, and onboarding new wholesale partners, CrediBook said in a statement.

Previously, in January 2021, CrediBook raised a $1.5 million Pre-Series A round from Wavemaker Partners, Alpha JWC Ventures, and Insignia Ventures Partners.

CrediBook is focused on digitizing small and medium enterprises (SMEs), primarily wholesalers, to manage and track their expenses, payables, and receivables and streamline the ordering process.

There are over 200,000 wholesalers serving 65 million retailers in Indonesia, which makes up approximately up to 60 percent of the country’s gross domestic product (GDP). CrediBook addresses this sizable market working with wholesalers to reduce operational inefficiencies, provide access to capital, and business expansion. Its digital bookkeeping app has logged more than 12 million transactions to date since its inception.

To respond to growing demand, it launched CrediMart to streamline an online ordering operating system for wholesalers to retailers while enabling end-to-end selling processes such as providing buy-now-pay-later (BNPL) options and logistics solutions. It has grown seven-fold in revenue in the past six months.

“Our mission is to empower wholesalers with the complete digitization and transformation of their financial operations to save time, money, and solve inefficiencies through the CrediMart ecosystem where they are now able to streamline bookkeeping, orders tracking, inventory management, and logistic support all on one platform. We are excited to chart an even more successful trajectory focused on expanding our team, services, and product development,” said Gabriel Frans, Chief Executive Officer and Co-Founder of CrediBook.

CrediMart currently operates in more than 40 cities, partnering with wholesalers to help resell their products on the platform, ranging from daily essentials, fast-moving consumer goods (FMCG), over-the-counter (OTC) pharmaceuticals, stationery and office supplies to building materials. It plans to extend its wholesaler partnerships and expand to sectors including fashion, food and beverage (F&B), and home essentials.

“The wholesaler-retailer supply chain processes are still very manual and are ripe for digitization. The micro, small and medium-sized enterprises (MSMEs) digitization market in Indonesia is massive with over 65 million businesses as potential users. CrediBook has identified key areas to tackle, which are operational efficiency (bookkeeping and ordering features), access to financing, and business expansion through access to a bigger retailer pool. Over the past two years, we have observed how passionately Gabriel and his team have been working towards revolutionizing digital end-to-end processes for wholesalers. We are excited to be a part of their journey in which they re-imagine the digitization of wholesaler bookkeeping and ordering in Indonesia and, possibly, the region,” said Susli Lie, Partner at Monk’s Hill Ventures.

Founded in 2014 by entrepreneurs Peng T. Ong and Kuo-Yi Lim, Monk’s Hill Ventures is a venture capital firm investing in early-stage technology startups, primarily in Series A, in Southeast Asia. Backed by institutional investors and family offices worldwide, it works with exceptional entrepreneurs who use technology to improve the lives of millions of people in the region.

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