Philippines-based fintech startup Beppo has completed a pre-seed funding round, enabling the acquisition of JuanTax, a Bureau of Internal Revenue (BIR)-accredited tax platform, and five pioneering bookkeeping firms.
The funding round, for an undisclosed amount, was led by Wavemaker Partners with participation from angel investors.
The small and medium enterprise (SME) sector in the Philippines is expanding, leading to increased demand for bookkeeping services.
However, there is a shortage of trained accountants, causing firms to rely on untrained staff, increasing financial errors and straining resources.
Beppo automates accounting and tax compliance for Filipino businesses and the self-employed using AI technology and OCR (Optical Character Recognition) software to capture data from receipts and categorize transactions, saving time and reducing errors.
The acquisition of JuanTax positions Beppo as a one-stop shop for managing finances and tax filing requirements.
“We’re well aware of the issues and pain points that small businesses have to go through,” said Jenny Galang, CEO of Beppo. She added:
With the acquisition of JuanTax and seasoned partner firms, we’re set to redefine the bookkeeping and tax compliance experience for businesses and the self-employed, so they can focus on what’s really important—driving sustainable growth.
Eric Manlunas, Co-founder & General Partner at Wavemaker Partners, emphasized the importance of investing in entrepreneurs solving significant problems.
“By automating repetitive and time-consuming bookkeeping tasks, Beppo enables businesses to efficiently manage their financial records and allocate their resources where they’re most needed—in growing their business. The acquisition of JuanTax and the bookkeeping firms will further enhance Beppo’s market positioning,” Manlunas said.
JuanTax, a tax software, became the first BIR-accredited tax solution provider in the Philippines in 2019 through the Electronic Tax System Provider Program (eTSP).
The platform has processed Php6.7 billion in tax payments since its inception and is also an approved Operator of a Payment System (OPS) by the Bangko Sentral ng Pilipinas (BSP).
Beppo’s revenue has surged over 600% since December 2023, driven by an increase in web and mobile users and new client acquisitions. The acquisition of five pioneering bookkeeping firms—Tala Buluran and Co.
Accounting Firm, MBH Online Accounting and Business Solutions, KJA Compliance and Tax, Konsepto Business Process Solutions, Inc, and PayRun—expands Beppo’s customer base and addresses the shortage of accountants by enhancing productivity through automation.
Looking ahead, Beppo plans to expand to other parts of the Philippines and enter the international market within the next two to three years by partnering with other service providers sharing similar synergies.
