Thai accounting SaaS firm FlowAccount has raised US$4 million in a Series A round led by Sequoia Capital India, Tech In Asia reports.
US-based Money Forward and Japan’s SBI Investment also participated.
The new funds will be used to expand the platform’s functionality while also increasing its small-business offerings. Anticipating to become a pandemic winner, the firm also plans to grow beyond accounting into fields of payments, e-commerce, and fintech.
“Our vision is to become the go-to, seamless solution for anyone starting a new business in Thailand and beyond,” Kridsada Chutinaton, CEO and co-founder of FlowAccount, said told the publication.
Launched in 2014, FlowAccount is an online accounting firm using the cloud SaaS to help freelancers, small business owners, and accountants in Thailand handle their accounting, payroll, and expense tasks on a single platform. The startup claims its services are used by 50,000 clients and are connected with banks and e-commerce platforms.
Earlier this year, Thai 70-year-old bank KBank offered its 1,000 SME customers the FlowAccount solution to help them run more efficiently by keeping them updated on their financial status timely, controlling costs more adequately, and obtaining better access to funding sources.
In 2017, FlowAccount had raised US$1.15 million in a pre-Series A round led by Beacon VC, Kasikornbank’s venture capital arm, with participation from SBI Investments, Singapore’s Golden Gate Ventures, and Thailand’s 500 Tuk Tuks.
Global tech research firm Gartner predicted that the Thai enterprise software spending would grow 13.6 per cent to 45.9 billion baht (US$1.4 billion). In another report, Gartner indicated that cloud spending in Thailand could grow 28.2 per cent to 34.4 billion baht (US$1.1 billion) in 2022.
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Image credit: FlowAccount
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