- Beppo raises pre-seed funding to automate accounting for SMEs in the Philippines.
- The startup acquires JuanTax and five bookkeeping firms to strengthen its market position.
- Beppo plans domestic expansion and international growth within the next few years.
Philippines-based fintech startup Beppo has raised an undisclosed sum in a pre-seed funding round led by Wavemaker Partners and other angel investors.
The company aims to address the persistent shortage of accountants in the country by automating accounting and tax compliance for small and medium-sized enterprises (SMEs).
OCR: The secret sauce for bookkeeping success
Beppo’s optical character recognition (OCR) software captures data from receipts and other printed documents, helping businesses categorize transactions and reduce bookkeeping errors.
The fresh funds have enabled Beppo to acquire JuanTax, a similar platform in the Philippines, along with five bookkeeping firms, further strengthening its position in the market.
Conquering new frontiers, one ledger at a time
The acquisition of JuanTax also provides Beppo accreditation from the Bureau of Internal Revenue, making it the second accounting platform to earn this recognition in the country.
Beppo plans to use the new funding to expand its presence in the Philippines through partnerships other service providers and aims to enter the international market within the next two to three years.
To read the original article: https://www.techinasia.com/wavemakerbacked-beppo-raises-preseed-funding-buys-juantax-5-phbased-bookkeeping-firms
