SME SaaS firm Mekari secures $50 M led by Money Forward Inc

Mekari, an Indonesian SME-focused SaaS firm, announced that it has raised $50 million in a funding round headed by Money Forward Inc to expand its capabilities into financial technology (fintech) services.

Last year, Money Forward led Mekari’s $21 million Series D investment round. Mekari has received over $70 million in funding from investors such 

as East Ventures, Beenext, Mandiri Capital, Alto Partners, and Prasetia.

Mekari intends to use the new funds to develop its fintech capabilities, which might be tailored to the demands of its customers. It will also hire more individuals, particularly in product and engineering teams, to develop new solutions for its customers.

“As the market enters economic recovery, digital transformation is crucial as it provides companies, especially MSMEs, the agility they need to capture new business opportunities – allowing them to not only grow but also thrive. Therefore, Mekari’s main focus is to support our clients on their transformation journey by continuously providing reliable and innovative technology solutions tailored to their needs,”

Suwandi Soh CEO of Mekari.  

The company offers SaaS solutions like human resource management, payroll, billing, and accounting, among others, to assist businesses in digitizing and automating their operations. In May of last year, it bought Qontak, a technology startup that provides clients with customer relationship management (CRM) software.

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