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  • Money Forward Participates in Mekari’s Series E Funding Round as Lead Investor Accelerating Partnership with Indonesia’s Leading SaaS Company

2022-05-13

Money Forward Participates in Mekari’s Series E Funding Round as Lead Investor Accelerating Partnership with Indonesia’s Leading SaaS Company

Money Forward, Inc. (Head office: Minato-Ku, Tokyo; Representative Director, President and CEO: Yosuke Tsuji; “Money Forward”) has decided to invest US$ 48mm in SLEEKR PTE. LTD. (Head office: Singapore; Founder and CEO: Suwandi Soh; “Mekari”*1), a provider of accounting, HR and CRM SaaS solutions to mainly SMBs in Indonesia. As a result of this funding round, Money Forward will become the lead investor with 42.7 % of the total shares issued (9.9 % voting rights shares).

■Background to additional investment in Mekari
In recent years, the SaaS market in Southeast Asia has continued to expand with the cloud market in Indonesia expected to growth at 25% CAGR, reaching US$ 0.8 billion in 2025*2. With more than 35,000 active customers and 800,000 active users*3, Mekari is one of the leading SaaS companies in Indonesia, growing rapidly with its ARR (Annual Recurring Revenue) increasing by x11 in 4 years. We have been making several rounds of strategic investments in Mekari since its Series A funding in 2018, with Yosuke Tsuji, President and CEO of Money Forward, serving on the Mekari Board of Directors. Current investment will be Mekari’s series E funding, with Money Forward participating as lead investor.Through our partnership with Mekari, Money Forward will continue to support Mekari as they aims to expand the corporate customer base especially among SMEs, and improve the efficiency of corporate back-office operations in the Indonesian market.

(Services provided by Mekari)

※1 Mekari is the brand name of the group. Money Forward holds shares of SLEEKR PTE. LTD., which holds 99% of PT Mid Solusi Nusantara(Location: Indonesia), the entity providing services in Indonesia.
※2 According to BCG “Indonesia’s Market Report” 2019
※3 Includes employees using Talenta.

■Mekari
Name : SLEEKR PTE. LTD.
Representative: Founder and CEO Suwandi Soh
Overview :Provider of cloud accounting and HR services for SMEs in Indonesia to mainly SMEs. Clients also include mid-sized and large companies such as Shopee, Ninja Xpress, Bridgestone and Ajinomoto.
Number of Employees: 1,000+
Main Services :
Accounting SaaS “Mekari Accounting” https://mekari.com/produk/jurnal/
HR SaaS “Talenta” https://mekari.com/produk/talenta/

■Money Forward Inc.
Name: Money Forward, Inc.
Location: 21F Tamachi Station Tower S, 3-1-21 Shibaura, Minato-ku, Tokyo 108-0023
Representative: Yosuke Tsuji, Representative Director, President and CEO
Establishment: May 2012
Overview: Leading Fintech/SaaS company in Japan / Listed on Prime Section of Tokyo Stock Exchange
URL: https://corp.moneyforward.com/en
Main Services:
“Money Forward Cloud”, SaaS platform for back-office operation https://biz.moneyforward.com/
“Money Forward ME”, a service to visualize personal finance https://moneyforward.com/

*All company names and product/service names (including logos) are trademarks or registered trademarks of their respective owners.

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