Beppo Expands After Successful Pre-Seed Funding: Acquires JuanTax and Bookkeeping Firms

Philippines-based fintech startup Beppo recently concluded a pre-seed funding round, facilitating the acquisition of JuanTax, an accredited tax platform by the Bureau of Internal Revenue (BIR), along with five bookkeeping firms. The successful funding initiative is expected to help Beppo expand and innovate within the financial technology sector.

The scarcity of accountants in the Philippines, with an accountancy licensure exam pass rate of below 25%, presents a persistent challenge across industries. This acquisition by Beppo strengthens its capabilities and addresses a pressing need in the market for efficient financial management solutions.

The pre-seed funding round, crucial for Beppo, was led by Wavemaker Partners and backed by angel investors. Among the five pioneering bookkeeping companies acquired are MBH Online Accounting and Business Solutions, KJA Compliance and Tax, Konsepto Business Process Solutions, Inc., Tala Buluran and Co. Accounting Firm, and PayRun.

As the SME sector in the Philippines expands, the demand for bookkeeping services rises accordingly. Beppo aims to address this growing need by automating accounting and tax compliance for SMEs through its optical character recognition (OCR) software. This technology enables businesses to streamline their financial management processes, categorize transactions, and minimize errors in bookkeeping.

With the acquisition of JuanTax and the five bookkeeping firms, Beppo is expected to assist SMEs with their financial management and tax filing obligations in the Philippines.

Beppo’s revenue surge of over 600% since December 2023 has shown its growth trajectory, supported by a surge in web and mobile users as well as the acquisition of new clients. The acquisition of business records from five early Philippine bookkeeping companies, which now serve as the company’s sales and marketing division, has notably expanded its clientele base.

Looking ahead, Beppo emphasizes its aim to extend its reach across various nationwide regions through collaborations with complimentary service providers. Within two to three years, the company envisions venturing into the international market, capitalizing on its strengthened market position and strategic partnerships.

Jenny Galang, Beppo’s CEO, spoke of the potential of the recent acquisitions, stating, “With the integration of JuanTax and established partner firms, we aim to revolutionize the bookkeeping and tax compliance landscape for businesses and the self-employed, empowering them to focus on sustainable growth.” 

Eric Manlunas, co-founder and general partner at Wavemaker Partners, also shared his views emphasizing how these acquisitions help Beppo as a comprehensive financial management solution provider, poised for further expansion and market penetration.

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