Fintech Startup Beppo Acquires Online Tax Platform JuanTax After Pre-Seed Funding Round

Financial technology startup Beppo has acquired online tax platform JuanTax after closing a pre-seed funding round led by Wavemaker Partners. The amount, in which unidentified angel investors pitched in, was not disclosed.

The capital also enabled Beppo to acquire five pioneering bookkeeping firms: Tala Buluran and Co. Accounting Firm; MBH Online Accounting and Business Solutions; KJA Compliance and Tax; Konsepto Business Process Solutions, Inc.; and PayRun. According to the news release, the acquisition aims to specifically address the shortfall in accountants, affecting the productivity of businesses.

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Apart from the said companies, Beppo has unveiled plans to further expand to more parts of the country, as well as the global market within the next two to three years. 

Beppo is a fintech startup based in the Philippines that allows the automation of accounting and tax compliance for small businesses and the self-employed. Its AI-driven technology utilizes the so-called Optical Character Recognition (OCR) software to capture data from receipts and categorize transactions more quickly and accurately. 

With its latest acquisition of JuanTax, Beppo is strengthening its position as a “one-stop shop for Filipino businesses managing their finances and navigating tax filing requirements.” 

"We’re [well-aware] of the issues and pain points that small businesses have to go through,” Jenny Galang, chief executive officer of Beppo, said. "With the acquisition of JuanTax and seasoned partner firms, we're set to redefine the bookkeeping and tax compliance experience for businesses and the self-employed, so they can focus on what’s really important: driving sustainable growth."

Wavemaker Partners, an early-stage venture capital firm focusing on tech-related businesses, reiterated its commitment to investing in startups, while acknowledging the need for more upgraded solutions, like that of Beppo.

“By automating repetitive and time-consuming bookkeeping tasks, Beppo enables businesses to efficiently manage their financial records and allocate their resources where they’re most needed — in growing their [businesses],” Wavemaker Partners co-founder and general partner Eric Manlunas said.

JuanTax claims to be the first tax solution provider accredited by the Bureau of Internal Revenue (BIR), offering a more convenient platform for individuals and businesses alike to manage their tax obligations. Through its electronic program, the company says it has processed a total of P6.7 billion in tax payments to date.