Press Release งานแถลงข่าว Flowaccount-C

USD1.15 Million raised by FlowAccount for Online Accounting System

FlowAccount Co., Ltd., has achieved another successful step in their operations via cooperation with leading venture capital funds in Thailand and Japan. The company – the winner of the AIS: The Start Up 2015 – as a provider of online accounting services to facilitate business startups, aims to position their service as a key tool supporting Thai SMEs in the digital age.

Mr. Kridsada Chutinaton, Co-founder of FlowAccount Co.,Ltd has said that he is excited to see the company’s successful raising of USD1.15 million via their ‘Pre Series A’ fund after only three years in service for their online accounting application. With this system – designed for SMEs – FlowAccount has achieved a great step forward as a Thai FinTech startup, now in a joint venture with leading Thai and global venture capital funds that have recognized the potential of the company and thus show confidence toward partnering with them. The investors include SBI Investment Co., Ltd. (SBI), which has invested in top FinTech firms across the globe; Beacon Venture Capital Co., Ltd. (Beacon VC); Golden Gate Ventures of Singapore; 500 TukTuks Fund and other leading venture capital funds from Japan and companies of KASIKORNBANK. This capital injection is a milestone for FlowAccount toward fulfilling their success with their innovative accounting solution; its advanced features enhance the responsiveness of the website-based FlowAccount.com, admirably. The company is intent to create other new solutions to upgrade the competitiveness of Thai startups and SMEs in the digital era wherein the information technology is an important driver of our national development.

Mr. Kridsada added that, from his own experience in starting a small business, he is well aware of the importance of proper documentation and accounting that must handle business costs, revenues, expenses and profits, but they also entail complex and time-consuming procedures, particularly for new entrepreneurs. With that understanding, amid an expanding SME sector, FlowAccount.com was developed to serve as a simple, anytime/anywhere tool for small businesses to manage basic accounting tasks on their own.

The company’s business plan expects swift customer base expansion. Currently, over 10,000 companies are active FlowAccount subscribers. Over 100,000 tax invoices are issued each month via the system. In response to government policies, the company plans to provide e-tax invoices and act as a platform to connect other solutions for convenient and efficient back office operations. Among them are ‘Food Solution’ – a digital solution for comprehensive restaurant management – that was launched in May; a Payroll app linked to the K PLUS SME app, which was introduced in August to facilitate easy, speedy salary payments to employees; and Fastpay that facilitates easier payments to suppliers. This allows FlowAccount customers to conduct financial transactions faster and more conveniently, thus, they aim to further upgrade their system to perform even greater feats in cooperation with business partners.

Their latest collaborative effort not only provides the company with funding, but also offers a chance to work with highly reputable partners, paving the way for system development and customer base expansion. The company will soon unveil the new FlowAccount support system.

Mr. Thanapong Na Ranong, Managing Director of Beacon Venture Capital Co., Ltd. (Beacon VC) – a joint venture of KASIKORNBANK, has said that two months ago, KBank launched Beacon VC as an arm for investments into startups under their Next Building Block concept. To this end, KBank set up a one-billion Baht fund to support the development of financial innovations to reinforce KBank strategies. Their venture capital (VC) firm provides investments to startups that show the potential to create useful financial innovations and new technologies in keeping with KBank’s strategic plans. Being the first Thai startup invested in by Beacon VC, FlowAccount has great potential for success, thanks to their expertise in SME accounting management and an effective business plan.

Mr. Yusuke Inaba, Manager Investment Dept. SBI Investment Co., Ltd , said that SBI Investment – a leading VC firm in Japan under the SBI Group – focuses on IT and fintech investments, too, seeking out promising startups engaged in unique businesses. FlowAccount is an interesting startup, given that accounting systems are an important fundamental to successful business operations. Moreover, FlowAccount is a fintech startup that uses the latest technologies in modern data management. These technologies, therefore, can be used to assist numerous SMEs in Thailand. At present, the use of online accounting systems is prevalent in Japan. For this reason, SBI Investment has decided to invest in FlowAccount with targets to steer FlowAccount toward higher growth and create business opportunities for the new generation of entrepreneurs to enhance their competitiveness and expand businesses, going forward.

Mr. Jeffrey Paine, Managing/Founding Partner of Golden Gate Ventures , Singapore, said that “Golden Gate Ventures” is a startup VC that has already been widely accepted in Southeast Asia. Having also entered into the joint venture with FlowAccount, Mr. Paine believes that building a startup is a difficult endeavor because it requires a dedicated teamwork that must be willing to learn new things and never forget to listen to their customers. Over the long term, many SMEs in Thailand will benefit from their platform software because it helps businesses transcend their modest origins into a fully-fledged digital-system capable company. Golden Gate Ventures is of the view that systems like FlowAccount will improve the competitiveness of SMEs at the region level.

Mr. Ruangroj Poonpol (Krating), Co-Manager of “500TuksTuks” – a Silicon Valley-based fund focusing on promising startups and Thailand’s most active investor in startup business – says that “500TuksTuks” jointly invested in FlowAccount because of their bright prospects. FlowAccount stands out because of their brilliant online accounting solution and talented staff. He expects FlowAccount.com to have a pivotal role in driving entrepreneurs toward business success by helping them gear up for the digital age.

In conclusion, Mr. Kridsada noted that FlowAccount was primarily designed for startups. Their very user friendly automated accounting software enables operators to send out billings within two minutes, even though they may not have an accounting background. With just one click, they can use a free service with basic functions such as sending price quotations, trade invoices and even generate tax invoices. Additional functions include inventory management, accrued-expense balance, staff salaries and other reports that help startup entrepreneurs to run their business professionally. All information via FlowAccount.com is stored in the Amazon Cloud, which is internationally-regarded for its security measures. Users can access the online accounting service anywhere they are and at any time using a computer or the mobile application available for both iOS and Android, in Thai or English. The FlowAccount team is ready to provide advice and recommendations about their software, as well as to get feedback from users via their call center. FlowAccount will also regularly organize workshops to provide tips on basic accounting because FlowAccount hopes to be a driving force toward the success of new generation entrepreneurs.