HO CHI MINH CITY, Vietnam – October 7, 2021
Bizzi, a SaaS (software-as-a-service) platform that simplifies manual invoice data processing, has successfully raised a US$3 million Pre-Series A funding round led by a FinTech/SaaS company. Leading Japan's Money Forward, with the participation of domestic venture capital fund Do Ventures and previous round investor Qualgro from Singapore.
Bizzi is the first company in Vietnam to provide invoice processing automation solutions through the application of AI technology and robotic process automation (RPA). Bizzi's platform can be easily integrated with existing accounting solutions, and connects suppliers and customers to automate financial processes such as checks, reconciliations, and invoice payments. single,…
The company currently has more than 100 major customers including Grab, GS25, Circle K, Tiki, Guardian, Medicare, Pharmacity and more than 4,000 suppliers using the platform daily. To date, the total monthly invoice value processed through the Bizzi platform has reached more than 300 million USD.
The COVID-19 crisis has created drastic changes in every company's operations. Pandemic challenges force businesses to seek innovative digital technologies to cut costs and optimize business results. Therefore, the digital transformation process in businesses is being rapidly promoted in all fields.
The Vietnamese government has also launched a drastic digitalization effort when it issued Decree 123 requiring businesses to use electronic invoices in both the public and private sectors starting from July 1, 2022. Following this trend, Bizzi is pioneering in bringing a streamlined invoice management process to businesses of all sizes, becoming an effective support tool for finance and accounting teams.
Bizzi's RPA and machine learning technologies help reduce 80% processing time and 50% invoice processing costs, while increasing transparency and tax compliance for businesses. Secured by Amazon Web Services, Bizzi's platform ensures data encryption according to the standards of the world's leading accounting firms. Applying the international standard of information management ISO 27001, Bizzi has successfully cooperated with many large customers with strict security requirements such as listed companies or multinational companies.
Bizzi is led by a founding team with strong expertise in many different fields. Mr. Vu Trong Nghia, co-founder and CEO, has more than 10 years of experience working at famous multinational corporations such as GlaxoSmithKline, Unilever, and Dairy Queen. Mr. Nguyen Bao Nguyen, co-founder and CTO, spent more than 10 years in leadership roles at leading technology companies, including global "startup factory" Rocket Internet and domestic unicorn VNG .
“We will use the new capital to enhance product features and expand our customer network. Vietnam is still Bizzi's focus market in the near future, however we will also consider the possibility of expanding to Southeast Asian markets with similar problems," the two co-founders said.
According to Tatsuya Kanto, Chief Strategy Officer at Money Forward, “Bizzi makes a huge impact by helping thousands of businesses in their digital transformation. We will help the company build the largest accounting data management platform in Vietnam by sharing insights from Money Forward Cloud.”
“Bizzi contributes to accelerating the digital transformation process in Vietnam, specifically by providing finance and accounting teams with remote control and the ability to automate resource-intensive accounting processes. Bizzi's founding team possesses seasoned operational capabilities and a deep understanding of the domestic market. Do Ventures is pleased to partner and support the company in its promising journey ahead,” said Ms. Le Hoang Uyen Vy, CEO of Do Ventures.
“Qualgro is excited to continue investing in Bizzi and helping the company accelerate its growth. We are impressed by Bizzi's focus on customers, products, and building corporate culture - an important foundation for the next stage of growth," said Peter Huynh, Partner at Qualgro. .
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