Thailand-based cloud accounting solution FlowAccount.com has raised US$1.15 million in a pre-Series A round led by Beacon VC, Kasikornbank’s venture capital arm, with participation from Japan’s SBI Investments, Singapore’s Golden Gate Ventures and Thailand’s 500 Tuk Tuks.
FlowAccount will use the new round of financing to ramp up team expansion and product development, with an aim to continue expanding their customer base and growing the business in Thailand.
According to their Co-founder, Kridsada Chutinaton, the investment from Beacon VC comes as a strategic one, as Kasikornbank’s huge share of Thai SME accounts could serve as potential customers for FlowAccount’s suite of products and services as well.
As a startup founder himself, Chutinaton said that he understands the obstacles and complexities that his customers face in the business accounting process.
FlowAccount’s cloud accounting solution allows entrepreneurs to undertake basic accounting tasks by themselves without having extensive accounting knowledge.
It provides free use of basic functions such as the preparation of price quotations, purchase orders and tax invoices available to users. Other functions include inventory management, accrued income/expense and payroll, plus various reports that enable better overall management of the business.
All data entered on FlowAccount is stored in the Amazon Cloud service. The application is accessible via web or mobile.
Since the raising of an undisclosed seed round in early 2016, FlowAccount has helped to educate traditional Thai SMEs on digitalisation through the adoption of SaaS and cloud solutions, and eventually converting them into paying customers.
The company has grown from their initial three co-founders to a team of 20 employees, which now includes a call centre and a support team to service its 10,000+ active users generating over 100,000 tax invoices per month.
It has also managed to integrate its accounting system into third party platforms such as AIS’ Food Solution app, and is now in the midst of launching a new and complementary services in e-tax invoice and payroll.
When asked if he has any plans to expand overseas, Chutinaton said the team is looking at a few market opportunities in the horizon, but the focus is still on building up the local base and establishing its market position in Thailand.
Flowaccount’s startup journey started with their participation in e27’s TOP100 Thailand Qualifiers two years ago.
“Winning the qualifiers in 2015 played a critical role in launching and getting our startup off the ground. It opened opportunities, led us to get to know investors and helped us acquire our initial set of users,” said Chutinaton.
Other accolades include winning the AIS the Startup 2015, Frost & Sullivan Thailand Companies to Action Award 2017, and 1. Innovation Coupon 2017, National Innovation Agency.
Moving forward, Chutinanton said he is confident that FlowAccount’s growth will continue to be fuelled by the growing population and increasing digitalisation of Thai SMEs.
He said FlowAccount is determined to create new solutions to upgrade the competitiveness of Thai startups and SMEs in the digital era wherein information technology is an important driver of Thailand national development.
Image Credit: FlowAccount