Indonesian fintech startup CrediBook raises US$8.1m in Series A funding round

INDONESIAN fintech startup CrediBook announced on Tuesday (Apr 5) that it has raised US$8.1 million in a Series A funding round led by Monk's Hill Ventures.

Other investors such as Insignia Ventures Partners and Wavemaker Partners participated in the funding round as well.

CrediBook is a bookkeeping application that focuses on digitising the supply chain for small and medium enterprises. It helps primarily wholesalers and retailers to manage and track their expenses, payables and receivables as well as to streamline the ordering process. Since its launch in February 2020, CrediBook has logged more than 12 million transactions.

Fresh funds will be used to expand CrediBook geographically, for product development and talent acquisition, and to support increasing product categories from wholesalers, and onboarding new wholesale partners.

In September 2021, CrediBook also launched its wholesale commerce platform, CrediMart. CrediMart partners with wholesalers to help them with their online ordering operating systems.

CrediMart currently operates in more than 40 cities and has partnered with several wholesalers to sell daily essentials, over-the-counter pharmaceuticals, stationery and more.

Previously, in January 2021, CrediBook raised US$1.5 million in its Pre-Series A round with participation from Wavemaker Partners, Alpha JWC Ventures and Insignia Ventures Partners.