1. Startups

Immediately Complete Series B Fundraising, Paper.id Launches B2B Paylater Service

Cooperating with Modalku, Bank Jago, Borrow Modal, and several other financial institutions for financing

Platform invoice and payment B2B "Paper.id" is currently conducting a series B fundraising stage which is planned to be announced in early 2022. To DailySocial.id, Paper.id Co-Founder & CEO Jeremy Limman said that the company is currently in the process of finalizing and the plan is to use the fresh funds to support product developments that have proven to be growing rapidly during this pandemic.

The last funding received by Paper.id was in 2019 for the stages of series A from company fintech Modalku and Golden Gate Ventures. Early 2018 they have also pocketed initial funding from Golden Gate Ventures.

The pandemic boosts business

It was noted that since the beginning of the pandemic last year, the number of Paper.id users has grown almost 3x from before. Amount invoice processed also reached the highest level of up to Rp9 trillion more, the figure is claimed to have increased 2 times from the same period last year. ​Currently Paper.id has 300 thousand users and is spread across more than 300 cities and regencies in Indonesia.

"In general, the pandemic has had a great negative impact on MSMEs, especially the tourism and retail sectors. However, Paper.id users belong to the sector-agnostic, so that there are still several industries that survive and continue to grow such as logistics, FMCG and online sellers, said Jeremy.

To increase financing options for users, Paper.id collaborates with a strategic investor, Buana Sejahtera Group, a group of companies engaged in finance, logistics, and hospitality to expand Paper.id's capabilities in business funding and penetration into the market. supply chain conventional.

"Later on, we will ask our strategic investors about what business sector they want. Then Paper.id will recommend businesses that deserve financing from finance that," said Jeremy.

Launch paylater B2B

Aiming to help SMEs make their business easier, Paper.id launched a new product paylater or Buy Now, Pay Later (BNPL) B2B. For buyers, they can get benefits in the form of an extension of time. Suppliers can also experience other benefits from this product through a new feature called “Get Paid Faster”.

Prioritizing the aggregator concept, Paper.id will later recommend business owners who want to use BNPL for services to banks that have become strategic partners. Currently, there are 10 service partners listed fintech to banking, including Modalku, Bank Jago, and Borrowing Capital.

"Of financing we cannot provide service for all. Thus we have a good partnership with P2P services, finance, to banking. Everything is tailored to the needs of the business," said Jeremy.

To ensure that the business has track record Good thing, Paper.id carries out a curation process for businesses that want to take advantage of BNPL through data invoicing through Paper.id. Thus, banking partners and fintech services are guaranteed to get business recommendations that have the best quality. Since its launch, Paper.id has validated more than 3000 invoices for BNPL products.

"With our experience that has channeled productive funding of more than Rp. 175 billion for MSMEs, BNPL is a feature that is much requested by our users and is expected to drive the wheels of MSME business development and help them manage cash flow better," said Jeremy.

B2B Paylater in Indonesia

More Coverage:

In a report entitled "Indonesia Paylater Ecosystem Report 2021" published DSInnovate revealed, service paylater which focus on consumer business began to grow. The scheme is in the form of a collaboration, between with business service providers.

B2B paylater players in Indonesia

In contrast to productive loan products in the style of P2P Lending, paylater B2B does not provide cash to improve business operations. They finance the expenditure of goods or services that are channeled directly to the provider.

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