Paper.id an Indonesian business-to-business (B2B)fintech company founded in 2016 by Yosia Sugialam and Jeremy Limman has raised an a Series B fundraising led by Square Peg after having already raised $12m to date.
Investors include
- SMBC Asia Rising Fund, a corporate VC co-founded by the Sumitomo Mitsui Banking Corporation and
- Incubate Fund, participated in the round.
- Argor Capital also re-upped in the latest round.
- Singapore VC firm Golden Gate Ventures
- Funding Societies, also called Modalku in Indonesia.
- Indonesian fintech firm Xendit, which became a unicorn in 2021 is also an investor
What Paper.id does
Paper.id is the go-to platform for business owners to manage and process their transactions efficiently and help users manage their cash flow.
It simplifies invoice creation, automatic reconciliation, and precise document matching. It also provides access to various payment methods, including credit cards, offering extended terms for payers.
To date, Paper.id has served over 600,000 clients, and is now one of the largest B2B fintech payments in Indonesia, having processed $2 billion in annual payment volume in 2023 - with transactions growing by more than 30 times compared to 2021.
Innovations include enabling cross-border payments, complemented by robust business verification capabilities, and will facilitate installment payment by partnering with banks and fintech lenders.
See also
https://pitchbook.com/profiles/company/234879-67#overview
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