CrediBook Receives 21 Billion Rupiah Pre-Series A Funding Led by Wavemaker Partners [UPDATED]

Financial listing startup CrediBook announced the acquisition of a $1,5 million (over 21 billion Rupiah) pre-series A funding led by Wavemaker Partners. Alpha JWC Ventures participated in this round, followed by Insignia Ventures, which was an investor in the previous round.

To DailySocial, Co-Founder & CEO of CrediBook Gabriel Frans said, the fresh funds will be used to strengthen the company's new business which is now starting to provide financial solutions in SMEs with new features and expanding its presence, not only in Greater Jakarta and Bandung.

“We want to digitize the manual process in SME, many still use papper and book by introducing more products robust and expand distribution network retailer and beg,” he said, Tuesday (26/1).

The solution presented for the SME segment, he continued, is not just about recording debt or sending bills. They also need solutions such as sales management so that their business activities can be digitized slowly from being completely manual.

Jooalan is an example of a solution for SMEs that the company has released. It has a number of features for SMEs, such as making it easier for shop traders to transact on the internet wholesaler without having to bother queuing to come to the location.

“Credibook wants to be a catalyst, so business activities retailer bisa less and less manually. We also want to support retailer and wholesaler with more features and financial products to support their business activities.”

CrediBook first started operating last year, targeting micro-enterprises with simple financial recording solutions for micro-enterprises, such as warungs, with features for recording debt, complete reports, and sending invoices via WhatsApp/SMS, telephone.

Gabriel claims that now CrediBook users have reached 500 thousand people spread throughout Indonesia.

Post earned funding from Payfazz, both companies are aggressively expanding their financial products from one another to provide added value to each of their users. "We have several partnerships with lending, including from Payfazz, for support users. In the future there will be more products financing with Payfazz."

From a business perspective, the presence of services such as CrediBook is considered very helpful for entrepreneurs to go digital starting from digital financial records as historical data that can be carried when applying for loans to financial institutions. The low penetration of micro-entrepreneurs to realize the importance of this has become interesting business to do by many technology companies.

In the same segment, apart from the previous CrediBook there are Cash book and BookStore which also announced the acquisition of funding during the pandemic. Interestingly, these three startups were compactly funded last year during the pandemic. Apart from them, there are still other players who have entered, among them mood, Business Friend, My Accounting, Labbook, SME Accounting, and many more.

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*We made a revision regarding the funding stages from Series A to Pre-Series A