Japan’s Money Forward makes first overseas investment in Indonesian startup Sleekr

Visual from company website

Tokyo-based fintech firm Money Forward has made a significant yet undisclosed investment in Jakarta-based startup Sleekr, marking the Japanese firm’s first overseas deal, according to a Tech in Asia report.

The four-year-old Indonesian accounting management and HR platform is among the five companies that received between $2 million and $3 million from Money Forward, the report quoted the Japanese company’s chief financial officer Naoya Kanesaka as saying.

While the exact amount of the investment was not disclosed, Kanesaka, however, said its investment in Sleekr is “of a comparably larger size”.

Part of the deal is for Money Forward to share know-how with Sleekr and the appointment of the Japanese firm’s co-founder and CEO Yosuke Tsuji to Sleekr’s board of directors.

Among Sleekr’s clients are startups such as UangTeman, SaleStock, Modalku, KitaBisa, Dekoruma, EV Hive, and IDN Media. Japanese manufacturer Nagase is also among Sleekr’s bigger clients.

Sleekr started as an HR management platform in 2014 until it merged with accounting platform Kiper in November 2016, integrating the two services.

The startup offers database, claims and time-off management, statistic dashboard and payroll processing while its accounting platform includes features such as cash management, sales and procurement, inventory management, among others.

The Jakarta-based startup is currently run by a team of 80 people, with developer teams based in Bandung and Yogyakarta.

Money Forward, meanwhile, launched its accounting Saas service in November 2013 but was founded in May 2012 under its previous trade name Money Book.

As of last year, Money Forward claims to have 5 million users for its personal finance management business, with the service linked to more than 2,600 financial institutions (FIs), while its SaaS enterprises business has in excess of 500,000 users with more than 3600 FIs linked to the service.

Also Read:

Japan: Money Forward raises $11m, seeks global expansion of fintech biz

Indonesia startup M Cash Integrasi debuts on IDX, shares jump 50%

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.