Bizzi closes $3 million Pre-Series A round

October 08, 2021 | 11:07
Bizzi, a software-as-a-service (SaaS) platform that streamlines themanual accounting processes, has closed a $3 million Pre-Series A round led by Money Forward, a leading fintech/SaaS company in Japan, with additional participation from local venture capital firm Do Ventures and returning Singapore-based investor Qualgro.
Bizzi closes $3 million Pre-Series A round
Bizzi is using AI and robotic process automation to speed up ERP and accounting

Bizzi is the first-mover in invoice processing automation solutions in Vietnam. Powered by AI and robotic process automation (RPA), Bizzi's unified platform can be seamlessly integrated with existing enterprise resource planning (ERP) and accounting solutions. It connects vendors and customers to automate financial processes namely bill payments, receipt scanning, compliance, and bookkeeping. Only two years after launch, the company already has more than 100 major clients including Grab, GS25, Circle K, Tiki, and over 4,000 vendors using the platform on a daily basis. Its current monthly value of processed invoices has exceeded $300 million.

The COVID-19 crisis has created drastic changes in the way companies do business. It forced them to seek creative digital solutions to advance the augmentation of human efforts. As a result, the adoption of technology in business innovation is being accelerated immensely across sectors. Meanwhile, the Vietnamese government took a decisive step towards digitisation by issuing a decree on mandatory electronic invoices in both public and private sectors starting from July 1, 2022.

In light of this, Bizzi is pioneering in delivering financial process efficiency to businesses of all sizes through labour-saving accounts payable management. Bizzi focuses on making it effortless for finance teams to automate tedious accounting tasks. Its RPA technology and machine learning cut invoice processing time by 80 per cent and processing cost by 50 per cent while increasing transparency and tax compliance.

“The fresh fund will be used to enhance the features and functionality of our product, and broaden our network of customers. While Vietnam is still our main focus in the near term, we will also look into expanding to other Southeast Asian markets with similar problems to be tackled,” said Nghia Vu, co-founder and CEO of Bizzi.

According to Tatsuya Kanto, chief strategy officer at Money Forward, “Bizzi has been creating a major impact by helping thousands of businesses in their vital digitisation efforts. We will support the company in building the largest receivables and payables management platform in Vietnam by sharing the know-how cultivated in the Money Forward Cloud business.”

“Bizzi has speeded digital transformation in Vietnam by helping companies innovate their workflows and offering the finance team complete control over their accounts payable processes remotely. The founding team has strong operational capabilities combined with a profound understanding of the local market. We are excited to partner with Bizzi and support the company in our promising journey ahead,” said Vy Le, general partner at Do Ventures.

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