MANILA, 28 MAY 2024 – Philippines-based fintech startup Beppo has concluded a pre-Seed funding round, enabling the company to acquire JuanTax, a Bureau of Internal Revenue (BIR)-accredited tax platform, and five pioneering bookkeeping firms. The funding round, for an undisclosed amount, was led by Wavemaker Partners, with the participation of angel investors.
As the SME sector in the Philippines keeps expanding, the demand for bookkeeping services also continues to grow. However, this presents a challenge: there aren’t enough trained accountants to meet this demand, and firms are struggling with staff retention. As a result, many companies are forced to rely on untrained staff for bookkeeping, increasing the risk of financial errors and straining their resources.
Beppo automates accounting and tax compliance for Filipino businesses and the self-employed. Its AI technology uses OCR (Optical Character Recognition) software to capture data from receipts and categorize transactions, saving time and reducing errors. The acquisition of JuanTax strengthens Beppo’s positioning to become a one-stop shop for Filipino businesses managing their finances and navigating tax filing requirements.
“We’re well aware of the issues and pain points that small businesses have to go through,” said Jenny Galang, CEO of Beppo. “With the acquisition of JuanTax and seasoned partner firms, we’re set to redefine the bookkeeping and tax compliance experience for businesses and the self-employed, so they can focus on what’s really important–driving sustainable growth.”
Eric Manlunas, Co-founder & General Partner at Wavemaker Partners, believes the most effective way of giving back is by investing early in entrepreneurs who leverage their unique insights to solve important problems.
Manlunas highlights the need for Beppo’s AI-powered, end-to-end bookkeeping solution, saying, “By automating repetitive and time-consuming bookkeeping tasks, Beppo enables businesses to efficiently manage their financial records and allocate their resources where they’re most needed—in growing their business. We believe the acquisition of JuanTax and the bookkeeping firms will further enhance Beppo’s market positioning, making it a one-stop shop for managing finances and tax filing. This also prepares Beppo for expansion as it strengthens its sales and marketing efforts. We look forward to seeing Beppo help more Philippine businesses grow, thereby driving economic growth.”
JuanTax, a leading tax software designed to streamline compliance, became the first BIR-accredited tax solution provider in the Philippines through the Electronic Tax System Provider Program (eTSP) in 2019. This accreditation underscores how JuanTax’s capabilities meet the BIR’s standards for electronic tax filing. As an eTSP-accredited provider, JuanTax offers a reliable and efficient platform for businesses and individuals to manage their tax obligations.
JuanTax is also an approved Operator of a Payment System (OPS) by the Bangko Sentral ng Pilipinas (BSP), allowing for seamless tax payment processing. As a testimony to JuanTax’s commitment to make tax compliance and payments easier, the company has processed Php6.7 billion in tax payments on its platform since it started.
Beppo’s revenue surged over 600% since December 2023, fueled by a surge in web and mobile users and new client acquisitions.
Its customer base has also expanded with the acquisition of the books of business of five pioneering bookkeeping firms in the Philippines, which will serve as the company’s sales and marketing arm. This move also helps address a big problem that accounting firms are currently facing: a shortage of accountants. With Beppo’s automated bookkeeping features, accountants can increase their productivity, allowing them to take on more clients and freeing up time to grow their business.
The five pioneer bookkeeping firms are Tala Buluran and Co. Accounting Firm, MBH Online Accounting and Business Solutions, KJA Compliance and Tax, Konsepto Business Process Solutions, Inc, and PayRun.
Moving forward, Beppo is focused on expanding to other parts of the country by partnering with other service providers who share synergies with what they do. The company is optimistic about entering the international market within the next two to three years.
About Beppo
Beppo Inc. is a cutting-edge financial technology startup dedicated to empowering small businesses and self-employed individuals. Our AI-driven bookkeeping and tax compliance services, coupled with our user-friendly platform, simplify financial management and enable our clients to focus on what they do best. Beppo makes bookkeeping and tax compliance easier and more efficient. For more information, visit: https://beppo.com/
