Indonesian fintech BukuWarung raises US$60m in Series A funding

INDONESIAN fintech startup BukuWarung has raised US$60 million in Series A funding in a round led by Valar Ventures and Goodwater Capital.

Other investors in the oversubscribed round include existing investors and angel investors such as former GoPay chief executive Aldi Haryopratomo, Klarna founder Victor Jacobsson, as well as partners from SoftBank and Trihill Capital.

The latest funding brings BukuWarung's total funding to date to about US$80 million, it said in a press statement on Thursday.

The startup will use the funds to enhance its technology and product capabilities across its core accounting, digital payments and commerce products. This includes building a "robust payments infrastructure" to solve deeper use cases for Indonesian merchants, such as QR payments and financial services.

It also has "aggressive hiring plans", with plans to double its team size to 300 from 150 and triple its engineering and product teams across Indonesia, Singapore, India, as well as remote teams in other locations, the company said.

BukuWarung helps micro, small and medium-sized enterprises (MSMEs) digitise their business. It was founded in 2019 and started by offering accounting solutions to merchants before expanding to digital payments and helping merchants go from offline to online.

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To date, the company has over 6.5 million registered merchants on its platform across 750 Indonesian cities and towns.

Abhinay Peddisetty, BukuWarung co-founder and chief executive, said: "This investment will further help us build an operating system for MSMEs, creating a positive socio-economic impact across Indonesia as the country emerges from the Covid-19 pandemic."

The startup will bolster this MSME operating system by enhancing the platform with better workflow for payments and building deeper accounting use cases for its merchants.