Bizzi, a Vietnam-based accounts payable automation software as a service provider, on May 21 announced it has raised nearly half a million dollars in a round led by Singapore-based investor Qualgro, with participation from existing investor 500 Startups Vietnam.
|Bizzi is offering e-invoices to make business operations smoother and more transparent |
This funding round allows Bizzi to meet the rising demand backed by the Vietnamese government that has issued a decree on mandatory electronic invoices for all goods and services to improve business competitiveness and combat fraud nationwide. Under this decree, the government aims for e-invoices to be used by all enterprises, economic organisations, households, and individual businesses by July 1, 2022.
Nghia Vu, co-founder of Bizzi, said, “Digitisation and digital transformation are both happening at a very fast pace across all sectors in Vietnam. Just as departments like marketing and sales constantly innovate to adopt new solutions, Bizzi aspires to accelerate digital adoption in finance teams for tangible, measurable business benefits.”
“Bizzi is laser-focused on empowering modern finance teams to be more agile and productive. Our robotic process automation technology and machine learning cuts invoice processing time by 80 per cent and processing cost by 50 per cent, while increasing transparency and tax compliance at the same time,” says Vu. “While Vietnam is still our main focus in the near future, we also keep an eye on other Southeast Asian countries who present similar problems where Bizzi can competitively offer solutions.”
As Vietnam’s digital economy is expected to reach $52 billion in 2025, Minh Vuhong, an Investor in Qualgro, stated, “Bizzi will be instrumental in Vietnam’s digital transformation journey. Bizzi tackles a real pain point and makes the tedious, and often painful, financial processes a breeze to navigate; saving hundreds of man hours in the process.”
Founded in the midst of COVID-19, Bizzi is the first-mover in invoice processing automation solutions powered by AI and robotic process automation (RPA) in the Vietnamese market. Bizzi's unified platform can be integrated with existing enterprise resource planning and accounting solutions, and connects vendors and customers to automate financial processes like bills payments, receipt scanning, compliance, and bookkeeping, among others.
As part of their growth plan, Bizzi has just launched Bizzi Expense: a new product which simplifies expense management. Bizzi Expense enables seamless end-to-end claim management where employees can submit expenses and line managers can approve claims entirely via mobile. All expenses can be monitored by the accounting team on their unified Bizzi dashboard.
The early-stage startup already has more than 60 large customers including South Korean convenience store chain GS25, Guardian, Medicare, Tiki.vn, and more than 4,000 vendors using the platform on a daily basis. They have also recently onboarded Deloitte Vietnam as an enterprise partner. The monthly value of processed invoices has exceeded $200 million as of March 2021.