Bizzi, an AI-powered invoice processing automation solution in Vietnam, has raised US$3 million in a pre-Series A round led by Money Forward, a fintech company headquartered in Japan.
Other investors include Do Ventures and existing investor Qualgro.
Bizzi plans to improve its product features and functionality and expand its customer network to other Southeast Asian markets with the new investment.
“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,” said Tatsuya Kanto, chief strategy officer at Money Forward.
Co-founded in 2019 by CEO Nghia Vu and CTO Nguyen Nguyen, Bizzi is a SaaS platform that automates the time-consuming accounting process for finance teams.
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Bizzi’s unified platform, powered by AI and robotic process automation (RPA), can be connected with vendors’ existing ERP/accounting solutions and automate financial operations such as bill payment, receipt scanning, compliance, and bookkeeping.
The startup claims that its technologies reduce the invoice processing time by 80 per cent, lower the cost by 50 per cent and boost transparency and tax compliance.
According to a press statement, Bizzi has achieved a monthly invoice processing value exceeding US$300 million.
Secured by Amazon Web Services and applying international information security standard ISO 27001, Bizzi boasts of winning large clients such as Grab, GS25, Circle K, Tiki, Guardian, Medicare, Pharmacity, and over 4,000 vendors.
As per the “Accounts Payable Automation Market” report, the worldwide accounts payable automation market is predicted to reach US$3.1 billion by 2024, with a CAGR of 11 per cent during the 2019-2024 period.
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Image Credit: Bizzi
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