BukuKas, an Indonesia-based fintech, announced this week it secured $50 million through its Series B funding round, which was included participation from Gokul Rajaram, Director and Board Member at DoorDash, as well as Taavet Hinrikus, Co-Founder and CEO of Wise (formerly TransferWise).
Founded in 2019, BukuKas describes itself as a technology startup that helps Indonesian MSMEs to understand and manage their financial flows more effectively with digital bookkeeping that traders may download through their smart devices. The company revealed its mission is to provide a software stack for small businesses, helping them digitize their key activities and grow in the internet era.
“BukuKas app digitized the physical record keeping books by enabling micro and small enterprises to record their sales, expense and cash transactions at ease using their smart phone. The free app helps micro and small business owners to simplify cash management and help them grow their profits faster.”
The latest investment round comes less than six months after BukuKas raised $10 million through its Series A round, which was led by Sequoia Capital India. Speaking about the Series B round, Krishnan Menon, CEO of BukuKas, shared with TechCrunch:
“We’ve been growing really fast and there was a lot of interest from some very good people. This is not a capital-need based raise, but more of a tactical raise and having the right people back us long term.”
Menon further stated:
“There’s obviously a macro shift that’s happening in the market right now. People are rushing to get digitized and people are coming out of a rough year. They started to realize ‘I need to upgrade,’ so there’s a rush to get digitized, to manage their money better, a movement to digital payments.”