1. Startups

Momofin Launches Document and Contract Management Platform, Debuts with "Angel Round" Funding

Momofin was founded in early 2022 by Pranowo Putro, Saga Iqranegara, and Yoga Pratama; Woobiz co-founder took part in this investment round

Momofin is a management system provider life cycle documents and contracts. This startup was initiated in early 2022 by Pranowo Putro, Saga Iqranegara, and Yoga Pratama; with the mission of facilitating the community in various administrative processes involving document and contract management.

To support the business, in his debut Momofin has booked funding angel round followed by a number of individual investors --- among them two co-founderstartup social commerce Woobiz  Firlie Ganinduto and Rorian Pratyaksa. Fresh funds will be focused on product line development and strengthening.

Through two products that have been released since the middle of this year, namely MomofinGO and eMET by Momofin, their services have been used by more than 10 thousand users and 100 corporate clients.

MomofinGo is a web-based document and contract management platform aimed at businesses. Meanwhile, eMEY by Momofin is in the form of an e-stamp application aimed at end consumers.

Peruri strategic partner

One of the capabilities presented through eMET is the e-Materai and e-Signature features. One can certify a digital document with an electronic stamp and an electronic signature; as for the stamp duty officially issued from Perum Percetakan Uang Republik Indonesia (PERURI).

The regulation on electronic documents itself refers to Law no. 11 of 2008 (UU ITE) Article 5 paragraph (1). There it is stated that electronic documents have the same position as paper documents after being ratified, one of which is through the affixing of e-stamp.

In addition to providing signatures and e-stamp, eMET is also used to make it easier for the public to manage signed documents. Its function is similar as a digital library that stores various archives of important documents that are owned.

MomofinGO service view

Meanwhile, with MomofinGO, a company can start to carry out digital transformation by changing the document administration process (creation, inauguration, to filing) which was previously paper-based to digital. Here, business people can upload a document and add parties to affix legality. The service also automates the process flow (life cycle) overall document management.

Momofin also provides API services that can be integrated with the company's ERP (Enterprise Resource Planning) system.

Business potential

According to data from the Directorate General of Taxes, in Indonesia, the production of documents reaches 9,65 billion per year, about 20% of which require official stamp duty. From there, it is projected that the rotating economic value will reach 19 trillion Rupiah every year. The e-seal has also been ratified by the Minister of Finance Sri Mulyani as an official Stamp Duty based on law in October 2021.

With this potential, a number of startups have also started to provide e-stamp services, including: Paper.id (focus on service invoice) and SignAja (focus on digital signature services).

Currently, digital documents have become a commodity that is increasingly being used. Its use is for ratifying account opening documents at digital banks; the process of signing employment contracts in companies that are fully operational remote work; and others.

"With the new funding, we want to innovate to develop our product technology to be more sophisticated by applying artificial intelligence. We hope that with the existing data, we can develop automation features that will greatly facilitate our users in the future," said Putro as Co-Founder of Momofin.

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