Invoicing platform Paper.id nabs series B funding as transactions grow 30x

(From left) Paper.id CTO Yoedi H. Kurniawan, CEO Yosia Sugialam, chief product officer Jeremy Limman, and chief commercial officer Julius Emilio / Photo credit: Paper.id

Since 2017, Paper.id has helped Indonesian businesses through its one-stop platform for receivables and payables.

Now, the invoicing firm said that it has secured an undisclosed amount of series B funding to expand its solutions. The round was led by Australian VC firm Square Peg, with participation from SMBC Asia Rising Fund and Argor Capital, an existing investor.

This followed a more than 30x increase in transaction processed value in 2023, compared to 2021, the company said in a statement. The exact numbers, however, were undisclosed.

Currently, Paper.id caters to over 600,000 SMEs from various industries in Indonesia. The recent funding will also allow it to expand its market reach.

Moreover, the company has been using AI and machine learning to improve B2B payments, according to CEO and co-founder Yosia Sugialam.

“We are also looking to make our solutions more comprehensive by enabling cross-border payments,” he said in a statement.

The company’s clients include logistics firm J&T Cargo, which uses the Paper.id’s services to handle over 5,000 invoices a month.

Paper.id said the latest investment can also open it up for collaborations with its new backer SMBC Asia Rising Fund, co-founded by the Sumitomo Mitsui Banking Corporation and Incubate Fund.

See also: Regional cross-border payments open new growth avenues for Indonesian fintech