Bukku.my, a Malaysian startup providing cloud-based accounting services, has raised RM700k in seed funding.
The round was reportedly closed within 2 weeks in December 2020, with the participation of 6 private (angel) investors.
Bukku was started by tech entrepreneur Jye Eng, who is no stranger to the accounting technology space.
He previously founded Financio, a cloud accounting software targeting micro-businesses in the region back in 2015, which was later acquired by Asian Business Software Solutions (previously known as MYOB South Asia) in 2016.
Bukku's service starts at RM59/month (~$14.60) and sports many accounting features similar to competitors in the market, but with a few added advantages:
- Digital Shoebox, where users can send receipts / expense claims via WhatsApp, then organise and record the expenses in Bukku without the need for data entry.
- SmartRecon, allowing users to directly upload bank statements in PDF format and have the bank reconciliation & matching automatically done for them.
Bukku currently partners with dozens of accounting firms across the country, providing value-added services to SMEs, such as company incorporation, company secretary, accounting & bookkeeping, auditing, tax services and more.
Moving forward, Bukku plans to use the new funds to scale up the team and penetrate the Malaysian market in 2021.
Since Bukku opened its doors in early 2020, over 3,500 local SMEs have signed up for the service.
The company is looking to triple the number of clients in 2021, targeting 15,000 SMEs by the end of the year.
“Essentially, we want Bukku to be the name people first think of for everything in relation to accounting. Expect the experience to be pretty much on the cloud with Bukku. Business owners can no longer risk their business with legacy software and service providers, since we never know when the pandemic is coming to an end or whether they will be another one in the near future, it is the time now for all of us to move on and embrace cloud technologies,” mentioned Jye Eng, founder of Bukku.