Beppo, a pioneering fintech company from the Philippines, has successfully raised funds to acquire five bookkeeping firms and the leading tax platform JuanTax, a comprehensive tax preparation platform that’s been designed for easy tax filing, and accounting.
Executives of Beppo led by Jenny Galang and JuanTax during the acquisition (CREDIT: https://beppo.com)
This strategic move addresses the escalating demand for bookkeeping services amidst a nationwide accountant shortage.
“We are fully aware of the problems and challenges faced by small enterprises. By acquiring JuanTax and partnering with reputable bookkeeping firms, we aim to revolutionize bookkeeping and tax compliance for small businesses and independent contractors, allowing them to focus on what matters most — promoting long-term, sustainable growth,” stated Jenny Galang, CEO of Beppo, in a press release.
A leap towards automation and efficiency
Beppo, known for its innovative use of AI to automate tax compliance and accounting, will significantly enhance its capabilities with the acquisition of JuanTax.
This move positions Beppo as a comprehensive solution for financial management and tax filing, providing a seamless experience for its clients.
Jenny Galang also emphasized the transformative potential of this acquisition, saying, “This integration will allow companies to rethink their bookkeeping experience and concentrate on expansion.”
The fundraising round was led by Wavemaker Partners, with General Partner and Co-Founder Eric Manlunas highlighting the value of Beppo’s AI technology.
“Beppo’s AI-driven solutions help companies reduce costs and save time, making financial management more efficient,” shared Manlunas in a press statement.
JuanTax to give Beppo a more versatile platform for clients
JuanTax, the first tax software provider in the Philippines to receive BIR accreditation for tax solutions, facilitates smooth tax payments and compliance. This acquisition bolsters Beppo’s offerings, making it a more robust and versatile platform for its clients.
Since December 2023, Beppo has seen a remarkable revenue increase of over 600 per cent.
The acquisition of the five bookkeeping firms and JuanTax not only expands Beppo’s customer base but also helps mitigate the ongoing accountant shortage.
This strategic expansion underscores Beppo’s commitment to leveraging technology to streamline financial processes, empowering businesses to thrive in a competitive market.
For more information, visit Beppo’s website.