Startup Paper.id Received Series A Funding
Startup Software as a Service (Saas), Paper.id, announced Series A funding. The investment disbursement worth ten billions of rupiah was achieved from Golden Gate Ventures and Modalku. The fresh funds raised will be used by Paper.id to develop its products, to help millions of MSMEs in Indonesia.
The main concern of Paper.id is MSMEs in Indonesia that have not been touched by digitalization. “Series A funding and Paper.id’s growth is validation that our solutions can help entrepreneurs. In the future, we can encourage the progress of MSMEs even faster,” Jeremy Limman, CEO and Co-Founder of Paper.id, explained.
Paper.id itself was founded at the end of 2016 by Jeremy Limman and Yosia Sugialam (CTO and Co-Founder). The startup is carrying out the mission to help MSMEs in Indonesia. Through their business platform, Paper.id hopes to help MSMEs in making invoices and bookkeeping digitally.
In the future, Paper.id will also continue to develop features and services to meet the needs of MSMEs in managing their business. One of the newest services to be launched is Paper Finance Solution. This service is available through collaboration with Modalku.
Peper.Id Will Work with More Financial Institutions in the Future
Led by Anthony Huang as COO Paper.id, the Paper Finance Solution is working with peer-to-peer (P2P) lending services. In this case, it is one of its main partners, Modalku. This service is expected to be a bridge between MSMEs and financial institutions for transparent and safe distribution of funds.
Furthermore, Paper.id intends to work with more P2P lending, banking, and other financial service institutions in the future. Anthony Huang, COO of Paper.id, revealed that Paper Finance Solution will be a game-changer to improve the competitiveness of MSMEs in Indonesia and abroad.
“We open access to funding MSMEs right when they need it based on their historical transaction data. On the other hand, it helps financial institutions validate and monitor the businesses of MSMEs. As a result, funding would be appropriate,” he said.
Iwan Kurniawan, COO, and Co-Founder of Modalku, said: “Through this collaboration, we hope to reach more MSMEs that have the potential to gain access to funding without requiring collateral.” Besides, MSMEs can now leave manual business management by using the services offered by Paper.id.
Meanwhile, this startup company claims to have been used by over 100,000 businesses with more than 800,000 invoices. Paper.id will participate in various events to introduce its platform to millions of MSMEs. Soon, Paper.id will join in SIAL Interfood which will be held on November 13-16, 2019 at JIEXPO Kemayoran.
Paper.id Helps SMEs to Record Their Transactions Clearly
COO Paper.id, Anthony Huang, also said that his company cooperates with fin-tech lending, banks, financial institutions, and other agents to help MSMEs in Indonesia. “This is done so that their (MSMEs’) recording (process) could be clearer,” he said. Paper.id provides invoicing, accounting, and inventory software services for this reason.
Businesses can create financial reports through various devices and provide analysis. As a result, data like cash flow, inventory, and others can be known in real-time. “These agents provide knowledge about financial literacy. From one person, it can influence 10 people, for example,” he explained.
This kind of education distribution was considered being capable to run on a faster scale. The lack of understanding of the basics of accounting makes MSME entrepreneurs still using manual invoicing systems that are troublesome and difficult to trace. Meanwhile, the number of MSMEs in Indonesia reached 59.2 million.
Considering these problems, Paper.id emerges to become the first invoicing platform in Indonesia that is integrated with cash flow management reports and financial reports. This platform makes it easy for businesses to track all bills and sales as well as view comprehensive financial reports.