Mekari Announces Funding of 720 Billion Rupiah, Ready to Enter the Fintech Business

The SaaS developer startup for the Mekari business announced that it has received further funding of $50 million or the equivalent of 720 billion Rupiah. This round was led by Money Forward Inc, which is the largest SaaS provider of financial planning and accounting applications from Japan. A number of previous investors were also involved, although the details were not detailed.

Previous Mekari has booked funding rounds from several investors, including East Ventures, Beenext, Mandiri Capital, Alto Partners, and Prasetia.

Mekari Co-Founder & CEO Suwandi Soh said his party would allocate this funding for expansion into services fintech in order to support the digital transformation process of its clients, especially at the MSME scale. Not long ago Mekari actually started to enter the service fintech B2B through Mekari Flex products, namely by launching the EWA platform for early salary disbursement for office employees.

In line with that, Mekari also wants to increase the capacity and capability of human resources, especially the product and service team engineering, which will spearhead the design and manufacture of innovative solutions for its users.

"When the market is entering the stage of economic recovery, digital transformation is very important because it gives companies, especially MSMEs, agility what they need to thrive. Therefore, Mekari's main focus is to support our clients in their transformation journey by continuing to provide reliable and innovative technology solutions that are tailored to their needs," said Suwandi.

Potential SaaS business in Indonesia

The SaaS business sector is growing rapidly in Indonesia in recent years. According to research from Boston Consulting Group, the market value of SaaS in is expected to increase by 25% CAGR and reach $800 million by 2023. In line with this development, Mekari has also recorded an 11-fold growth over the past 4 years.

Currently, Mekari has more than 35 thousand clients and more than 800 thousand active users with the majority being MSME users. A number of brand under the auspices of Mekari are Talents, Journals, Contact, Klikpajak, and Flex; providing business technology solutions such as tools for the management of Human Resources (HR) and payroll, billing and accounting, Customer Relationship Management (CRM), to taxation.

"We also focus on developing various contextual financial services to help companies solve unique financial needs and challenges. Financial services are the main supporting factor in increasing financial access for all users in the Mekari ecosystem. affordable and practical for our customers," added Kelvin.