Indonesia fintech BukuWarung raises more funding; graduates from accelerator

INDONESIAN fintech startup BukuWarung has raised an undisclosed amount of funding from Partners of DST Global, Soma Capital, Hof Capital, GMO Venture Partners, VentureSouq, 20VC and angel investors.

The firm has also graduated from Y Combinator, a Silicon Valley startup accelerator, it said on Tuesday in a press statement.

Angel investors in the latest round included Plaid co-founder William Hockey, Tinder co-founder Justin Mateen, Superhuman founder and chief executive Rahul Vohra, Adobe chief product officer Scott Belsky, as well as individuals from Snapdeal, WhatsApp, Square and Airbnb.

Current investors include Quona Capital, East Ventures, AC Ventures, Golden Gate Ventures, Tanglin Venture Partners and Indonesia's Michael Sampoerna. Present angel investors meanwhile are from companies such as Grab, Gojek, Flipkart, PayPal, Xendit and Rapyd.

The startup raised US$2.4 million in a seed funding round led by East Ventures, according to data from venture investment intelligence platform VentureCap Insights. It later raised US$5 million in Series A funding in a round led by the Accion Quona Inclusion Fund, according to the VentureCap Insights data.

BukuWarung also said on Tuesday that it has raised an "over eight-figure" amount in US dollars, spread over three rounds of funding in 2020.

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The firm said its technology helps to accelerate and improve the bookkeeping process by tracking all transactions, including credit, expenses and sales. It also helps merchants with cash flow visibility through business reports.

BukuWarung aims to "significantly grow" its user-base across Indonesia and expand beyond its core bookkeeping features to monetisable products, such as credit, savings and insurance.

With the latest round of funding, it seeks to expand its technology team and build a range of financial services on its app by integrating monetisation products. As part of this strategy, BukuWarung launched a digital-payment feature in partnership with major Indonesian banks and e-wallet services such as OVO and DANA.

To date, BukuWarung has served more than 1.2 million merchants across 750 locations in Indonesia, it said.