Fintech company BukuWarung declared it has raised an unrevealed sum from Silicon Valley-based VC Rocketship.vc, as well as from the early backers of payments platform Adyen, Brazil-based Nubank, fintech firm Revolut, and an unmentioned Indonesian retail giant.
Launched in 2019 by by former Carousell employees Chinmay Chauhan and Abhinay Peddisetty, BukuWarung started off as an accounting application for micro, small, and medium-sized enterprises (MSME). The platform helps increase a company’s bookkeeping process by tracking all of its transactions including credit, expenses, and sales, and helps dealers with cash flow visibility through business reports.
Funds raised from the financing round will be used to develop the company’s technology and product team in Indonesia, India, and Singapore. It will also start more products and features to digitize MSME business operations. The company aims to launch monetization products such as credit this year as well.
“In absence of a UPI-like solution in Indonesia, we launched a digital payments solution for our merchants, which has seen great adoption and is now processing over US$500 million in payment volumes,” said BukuWarung co-founder Chauhan.