CrediBook Raises $8.1 Million In Series A The funds will be used to accelerate CrediBook's nationwide expansion, product development, talent acquisition, among others
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CrediBook, an Indonesia-based bookkeeping app, has raised $8.1 million in Series A funding round led by Monk's Hill Ventures with participation from existing investors such as Insignia Ventures Partners and Wavemaker Partners. CrediBook is focused on digitizing small and medium enterprises (SMEs), primarily wholesalers, to manage and track their expenses, payables, receivables and streamline the ordering process.
This round of funding will be used to accelerate CrediBook's nationwide expansion, product development, talent acquisition, increasing product categories from wholesalers and onboarding new wholesale partners.
"Our mission is to empower wholesalers with the complete digitization and transformation of their financial operations to save time, money and solve inefficiencies through the CrediMart ecosystem where they are now able to streamline bookkeeping, orders tracking, inventory management and logistic support all on one platform. We are excited to chart an even more successful trajectory focused on expanding our team, services and product development," said Gabriel Frans, CEO, and co-founder of CrediBook.
"The wholesaler-retailer supply chain processes are still very manual and are ripe for digitization. The MSMEs digitization market in Indonesia is massive with over 65 million businesses as potential users. CrediBook has identified key areas to tackle, which are operational efficiency (bookkeeping and ordering features), access to financing and business expansion through access to a bigger retailer pool. We are excited to be a part of their journey in which they re-imagine the digitization of wholesaler bookkeeping and ordering in Indonesia and possibly, the region," said Susli Lie, partner at Monk's Hill Ventures.
CrediBook's digital bookkeeping app has logged more than 12 million transactions to date since its inception. To respond to growing demand, CrediBook launched CrediMart to streamline an online ordering operating system for wholesalers to retailers while enabling end-to-end selling processes such as providing buy-now-pay-later (BNPL) options and logistics solutions.CrediMart currently operates in more than 40 cities, partnering with wholesalers to help resell their products on the platform, ranging from daily essentials, FMCG, over-the-counter (OTC) pharmaceuticals, stationery and office supplies to building materials. CrediMart plans to extend its wholesaler partnerships and expand to sectors including fashion, F&B and home essentials.
