Vietnamese invoice processing automation startup raises $3 million

Xuan Thinh Monday | 10/11/2021 11:06

Co-founders of Bizzi Vu Trong Nghia (R) and Nguyen Bao Nguyen (Photo: vneconomy.vn)

Bizzi, a software as a service platform that streamlines the manually draining accounting process, has successfully raised $3 million during a pre-Series A round, according to a statement.

The Pre-Series A round was led by Money Forward, a leading FinTech/SaaS company in Japan, with additional participation from local venture capital firm Do Ventures and returning Singapore-based investor Qualgro.

Only two years after launch, the company already has more than 100 major clients including Grab, GS25, Circle K, Tiki, Guardian, Medicare, Pharmacity, and over 4,000 vendors using the platform on a daily basis. Its current monthly value of processed invoices has exceeded $300 million.

Powered by AI and robotic process automation, the Bizzi’s that simplifies invoice processing has become the first mover in invoice processing automation solutions in Vietnam.

Its unified platform can be seamlessly integrated with existing accounting solutions. It connects vendors and customers to automate financial processes namely bills payments, receipt scanning, compliance, and bookkeeping.

The robotic process automation technology and machine learning of Bizzi help cut 80 percent of processing time and 50 percent of cost in invoice handling, while increasing transparency and tax obligation amongst businesses.

The investment will help the business to bolster the product’s functions and expand customer network, said Co-founders of Bizzi Vu Trong Nghia and Nguyen Bao Nguyen.

They underscored that Vietnam remains the firm’s key market in the near future, and it will consider the possibility to expand to the Southeast Asian market.

Source: Vietnamese invoice processing automation startup raises $3 million