Indonesia-based payment and invoicing solution Paper.id has reportedly raised $12m in its Series B funding round, which was led by Go-Ventures.
Other commitments came from Skystar Capital, Living Lab Ventures, the investment arm of local real estate company Sinar Mas Land, BM Capital and Redbadge Pacific, according to a report from DealStreetAsia.
The report claims that Go-Ventures invested $4m into the round, so far. Skystar Capital deployed $500,000, BM Capital invested $553,527, and Living Lab Ventures deployed $300,279.
Paper.id supplies companies with digital payment, invoicing, expense tracking, inventory and financial statement needs. A user can establish reminders for bills, create and send invoices to others, keep track of due payments and ensure they are not missed.
Additionally, clients can view real-time financial reports. These are automatically created and include business invoices, income statements and bookkeeping reports.
The FinTech company previously closed its Series A funding round in 2019 on an undisclosed amount. Capital came from Golden Gate Ventures and Modalku.
It raised the funds to extend the reach of its services and bolster its invoicing and bookkeeping system.
FinTech investment in Indonesia has hit a record high, according to data by FinTech Global. In the first three quarters of 2022 a total of $2.1bn has been invested through 66 deals. This is higher than the total capital raised for the whole of 2021, where $1.6bn was raised through 97 investments.
This rise goes against the global trend, which is seeing total funding decline. For example, funding in the UK is expected to drop by 32% in 2022.
Last month, Indonesian RegTech company Privy secured $48m for its Series C funding round, which was led by KKR. Privy is a digital trust platform that offers trusted digital identities and legally binding signatures. Its products include digital identity, digital verification and document management.
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