Indonesia is not often the first market one thinks of when the topic of FinTech startups emerges, but one company in the nation has secured new backing for its small business accounting solution.
Jurnal provides small and medium-sized businesses with online accounting software through tools like digital invoicing and cash flow management. According to reports, the company services 7,000 active SMEs after launching operations about a year ago.
On Monday (Feb. 22), the company revealed that investors provided Series A backing for the company, though it did not disclose how much was raised.
East Ventures led the funding, which also saw participation from Fenox VC and angel investor Budi Setiadharma, according to reports. In a statement, East Ventures Managing Partner Wilson Cuaca elaborated on the lack of options for robust accounting and financial management services for SMEs in this region.
“It’s time the 57 million small and medium enterprises in Indonesia increase their competitiveness in the ASEAN economic community through proper control and management of their finances,” he stated.
According to reports, Jurnal plans to use the financial backing to expand operations through partnerships with other companies and government institutions, though the company’s founder, Anthony Kosasih, did not elaborate further.
Nations in the ASEAN region are beginning to establish a reputation for their SME growth. The market experienced an increase in small business lending last year, according to statistics, with the Asia-Pacific Economic Corporation championing small business growth as well.
The area is also expected to see heightened use of the commercial card among businesses, potentially signaling a wave of digitization of business finance and money management.
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