Monk’s Hill Ventures leads $8.1m round of Indonesia SME-focused firm

CrediBook, an Indonesia-based startup that builds solutions for SMEs, has raised an US$8.1 million series A funding round led by Monk’s Hill Ventures, with participation from Insignia Ventures Partners and Wavemaker Partners.

(From left) CrediBook founders Christian Lie, Gabriel Frans, and Dekha Anggareska / Photo credit: Credibook

Founded in 2020, CrediBook started as a bookkeeping app to help wholesalers and retailers track their expenses, payables, and receivables. It also supports business owners in generating financial reports and getting loans from financial institutions.

Since its inception, the app has logged more than 12 million transactions.

Last September, the company launched two more services: a B2B ecommerce platform called CrediMart and an ecommerce enabler solution called CrediStore.

CrediMart lets retailers order products from wholesalers and is equipped with buy now, pay later and logistics solutions. The service has operated in more than 40 Indonesian cities, with 7x revenue growth in the past six months.

Meanwhile, CrediStore allows individuals or business owners to set up an online shop and share the link to their network through social media.

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CrediBook aims to use the new funding to continue its national expansion, develop products, hire more employees, onboard wholesale partners, and expand CrediMart’s product categories.

The firm was founded by Gabriel Frans, former product manager at Traveloka and Kudo, along with former Payfazz executive Christian Lie and Rulo co-founder Dekha Anggareska.

Last January, it raised US$1.5 million in pre series A funding from Wavemaker Partners, Alpha JWC Ventures, and Insignia Ventures Partners.