Bizzi, a Vietnamese SaaS company, has received $3 million in funding to improve its product
Bizzi, a Vietnamese Software-as-a-Service (SaaS) platform, has raised $3 million in a pre-Series A investment headed by Money Forward, a major Japanese FinTech/SaaS firm.
Do Ventures, a local venture capital company, and Qualgro, a returning Singapore-based investor, both took part in the investment round, which would go toward the firm’s product enhancement.
Bizzi is the first mover in invoice processing automation systems in Vietnam, with the goal of streamlining the time-consuming accounting process.
By adopting a decree mandating electronic invoicing in both the public and private sectors beginning July 1, 2022, the Vietnamese government made a major step toward digitalization.
Nghia Vu, Co-founder & CEO, and Nguyen Nguyen, Co-founder & CTO, said that the fresh fund will be used to enhance the features and functionality of their product, and broaden Bizzi’s network of customers.
While Vietnam is still their main focus in the near term, the two co-founders said they will also look into expanding to other SEA markets with similar problems to be tackled.
Tatsuya Kanto, Chief Strategy Officer at Money Forward, said that Bizzi has been creating a major impact by helping thousands of businesses in their vital digitization efforts.
Money Forward is a fintech company, providing PFM (personal financial management) service “Money Forward ME” and SaaS accounting software “Money Forward Cloud”.
Since its launch in 2012, the company aims to solve the financial issues of all individuals and businesses by building an open and fair financial platform and providing essential services.
Vy Le, General Partner at Do Ventures, also said that 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.
On the other hand, Peter Huynh, Partner at Qualgro, also said that they are delighted to continue their investment in Bizzi and to support the team as they look to accelerate growth.
Bizzi has got speeded on the digital transformation and will be serving the investment team in a much rapid way.So it could lead the market in no time soon.All my best wishes to them.Shishir Gupta, Founder and CEO, StartupLanes
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