Financial technology (fintech) startup Beppo has announced raising fresh funds in its pre-seed round that enabled it to acquire tax platform JuanTax and five other bookkeeping firms in the Philippines.
The funding round was led by Wavemaker Partners, a Singapore- and US-based early-stage venture capital investor, and a host of angel investors, per the announcement. The amount raised was not disclosed.
Beppo helps businesses and self-employed individuals in managing finances, including bookkeeping and tax compliance. It also offers a financial management platform that uses the latest AI technology.
Part of the pre-seed money has already been used to acquire five bookkeeping firms – Tala Buluran and Co. Accounting Firm, MBH Online Accounting and Business Solutions, KJA Compliance and Tax, Konsepto Business Process Solutions, and PayRun
The acquisition of the books of the said businesses has expanded the customer base of Beppo. Since December 2023, the fintech firm said its revenue increased over 600%, fueled by a surge in web and mobile users and new client acquisitions.
The acquisition of JuanTax, the country’s first BIR-accredited tax solution provider, also strengthens Beppo’s positioning to become a one-stop shop for Filipino businesses managing their finances and navigating tax filing requirements.
Jenny Galang, CEO of Beppo, emphasized the company’s understanding of the challenges faced by small businesses.
“We’re well aware of the issues and pain points that small businesses have to go through.With the acquisition of JuanTax and seasoned partner firms, we are 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,” Galang said.
Eric Manlunas, co-founder and general partner at Wavemaker Partners, the lead investor in this funding round, believes that the acquisitions will further enhance Beppo’s market positioning as a one-stop shop for managing finances and tax filing.
“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. This also prepares Beppo for expansion as it strengthens its sales and marketing efforts,” he added.
The company is optimistic about entering the international market within the next two to three years and is expanding to other parts of the country by partnering with other service providers.
Congratulations 🎉