Indonesia-based BukuKas secures $10m in its Series A to increase user acquisition

Indonesia-based cloud accounting platform BukuKas has allegedly scored $10m for its Series A to support user acquisition.

Sequoia Capital India served as the lead investor, with participation also coming from Saison Capital, January Capital, Founderbank Capital, Cambium Grove and Endeavor Catalyst, according to a report from TechCrunch.

With the funds, BukuKas plans to increase user acquisition, grow its engineering and product teams, and release new products.

The FinTech is toying with the idea of expanding across Southeast Asia, but its short-term focus in on the SME market in Indonesia.

BukuKas provides micro and small-businesses with a cloud accounting solution. Clients can access digital bookkeeping to record sales, expense and cash transactions through their mobile phone.

Its dashboards enables users to manage all of their invoices, calculate stock, create income statements, invoice summary reports and more.

Last year, the company secured $9m in Series A funding from a selection of investors, including Sequoia Cpaital India, Saison Capital, S7V, and SpeedInvest. It is unclear if the fresh funding raised is an extension to this round.

A couple of Indonesian FinTech companies have started 2021 with the close of a funding round. Robo-advisor platform Bibit reportedly bagged $30m in funding from Sequoia Capital India, East Ventures, EV Growth, AC Ventures and 500 Startups.

The company helps consumers build a diverse portfolio through its automatic mutual fund investment platform.

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