Indonesia’s Paper.id secures series A money from Golden Gate Ventures, Modalku

Indonesia’s software-as-a-service startup Paper.id has finalized its series A funding, collecting an undisclosed amount from Southeast Asia’s Golden Gate Ventures and Indonesian peer-to-peer lending platform Modalku.

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The management declined to mention the raised amount but said that the company will use the fresh funds to improve its digital invoicing and bookkeeping system. In general, a series A funding is between US$1 million and US$10 million.

“The funding will encourage us to grow and reach more small-medium entrepreneurs (SMEs), particularly in helping them with digital invoicing and bookkeeping, also to bridge SMEs to access different financial facilities from bank partners and P2P lending platform,” the firm’s CEO and co-founder, Jeremy Limman, said at the press conference.

Limman also said that most of Indonesia’s SMEs are still operating their accounting manually, and only 8% of about 59.2 million SMEs have digitized their business. Therefore, there is a huge potential for Paper.id to grow.

Paper.id provides software for invoicing, accounting, and inventory for SMEs. The company, established in 2016, also offers a feature called Paper Finance Solution to help entrepreneurs to access loans from banking institutions and P2P lending platforms.

Currently, the firm has more than 100,000 users and has processed more than 800,000 invoices.

This report was first published on KrAsia.