Singapore-founded SimpleAI, which builds AI agents for accounting and finance teams, said it has raised a US$5 million seed round and secured a US$10 million debt.

The funding will be used to acquire accounting and fund administration firms across Asia Pacific and deploy its software in those businesses.

Founded in 2023, SimpleAI said the financing values the company at US$50 million and will support an acquisition-led expansion focused first on Singapore and Australia. It is also exploring Hong Kong and Mauritius.

SimpleAI also said it has partnered with the Singapore Business Federation and SESAMi to support InvoiceNow, Singapore’s nationwide e-invoicing network built on Peppol.

The network is intended to shorten payment cycles. Banks such as OCBC use InvoiceNow data to offer small and medium-sized enterprises up to 90% financing against invoices.

The broader accounting industry has seen at least US$2 billion of private equity-backed consolidation in the past three years.

🔗 Source: SimpleAI