Philippines-based fintech startup Beppo has concluded a pre-Seed funding round, enabling the company to acquire JuanTax, a Bureau of Internal Revenue (BIR)- accredited tax platform, and five pioneering bookkeeping firms.

The funding round, for an undisclosed amount, was led by Wavemaker Partners, with the participation of angel investors, Beppo said in a statement on Wednesday.

According to the statement, the five pioneer bookkeeping firms are Tala Buluran and Co. Accounting Firm, MBH Online Accounting and Business Solutions, KJA Compliance and Tax, Konsepto Business Process Solutions, Inc, and PayRun.

The firm said the acquisition of JuanTax strengthens Beppo’s positioning to become a one-stop shop for Filipino businesses managing their finances and navigating tax filing requirements.

It is noted Beppo’s revenue surged over 600 percent since December 2023, fueled by a surge in web and mobile users and new client acquisitions.

Its customer base has also expanded with the acquisition of the books of business of five pioneering bookkeeping firms in the Philippines, which will serve as the company’s sales and marketing arm.

Moving forward, Beppo said it is focused on expanding to other parts of the country by partnering with other service providers who share synergies with what they do.

The company is optimistic about entering the international market within the next two to three years.

“We’re well aware of the issues and pain points that small businesses have to go through,

“With the acquisition of JuanTax and seasoned partner firms, we’re set to redefine the bookkeeping and tax compliance experience for businesses and the self-employed, so they can focus on what’s really important–driving sustainable growth,” said Jenny Galang, Chief Executive Officer of Beppo.

It is noted that as the small and medium-sized enterprise (SME) sector in the Philippines keeps expanding, the demand for bookkeeping services also continues to grow.

However, this presents a challenge: there aren’t enough trained accountants to meet this demand, and firms are struggling with staff retention.

As a result, many companies are forced to rely on untrained staff for bookkeeping, increasing the risk of financial errors and straining their resources.

Beppo automates accounting and tax compliance for Filipino businesses and the self-employed.

Its artificial intelligence (AI) technology uses Optical Character Recognition (OCR) software to capture data from
receipts and categorize transactions, saving time and reducing errors.

Eric Manlunas, Co-founder and General Partner at Wavemaker Partners, believes the most effective way of giving back is by investing early in entrepreneurs who leverage their unique insights to solve important problems.

He highlighted the need for Beppo’s AI-powered, end-to-end bookkeeping solution, saying that by automating repetitive and time-consuming bookkeeping tasks, Beppo enables businesses to efficiently manage their financial records and allocate their resources where they’re most needed—in growing their business.

“We believe the acquisition of JuanTax and the bookkeeping firms will further enhance Beppo’s market positioning, making it a one-stop shop for managing finances and tax filing,

“This also prepares Beppo for expansion as it strengthens its sales and marketing efforts. We look forward to seeing Beppo help more Philippine businesses grow, thereby driving economic growth,” he added.

JuanTax, a leading tax software designed to streamline compliance, became the first BIR-accredited tax solution provider in the Philippines through the Electronic Tax System Provider Program (eTSP) in 2019.

This accreditation underscores how JuanTax’s capabilities meet the BIR’s standards for electronic tax filing.

As an eTSP-accredited provider, JuanTax offers a reliable and efficient platform for businesses and individuals to manage their tax obligations.

JuanTax is also an approved Operator of a Payment System (OPS) by the Bangko Sentral ng Pilipinas (BSP), allowing for seamless tax payment processing.

As a testimony to JuanTax’s commitment to make tax compliance and payments easier, the company has processed Php 6.7 billion ($114.67 million) in tax payments on its platform since it started.

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