Debt Manager App CrediBook Receives Funding and Collaborates with Payfazz
Recently received seed funding from Insignia Ventures Partners and Payfazz
Kristin Siagian - 10 August 2020
Launched in February 2020, the digital debt manager application CrediBook has now been used by more than 200 thousand users. CrediBook’s Co-Founder & CEO told DailySocial, Gabriel Frans said the service is now available throughout Indonesia, even more than 50% of users are in tier 2 and 3 cities.
It is said to be different from other similar platforms, CrediBook does not only tracking debt but also connects users in two directions. In this case, CrediBook puts its platform like a messaging application, with the concept of debit-credit communication. CrediBook is also able to make bill payments directly on the platform, thereby reducing manual recording and confirmation processes.
“We created an ecosystem where buyers, sellers (including SMEs), even distributors and wholesalers can be connected on a single listing platform. The current monetization strategy is through payments on the CrediBook. In addition, we also provide access to users to apply for loans. capital to enlarge their business,” Gabriel said.
Even though it has experienced positive growth even during the pandemic, the CrediBook still has some barriers. These range from technological literacy to the seamless transition from traditional note-taking to app use.
“My experience and my COO Chris at Kudo and Payfazz allow us to really understand our users’ behavior. CrediBook answers this challenge by continuing to listen to our users and make improvements to our products continuously,” said Gabriel.
Strategic partnership with Payfazz
After securing seed funding from Insignia Ventures Partners and Payfazz, CrediBook has several targets to be achieved. Among those are developing products by adding new relevant features and helping to solve problems, such as the infrastructure for Payfazz’ financial products from Payfazz such as transfers, loans, pulses, and accounts that can provide value for CrediBook merchants.
“There are two goals Payfazz wants to achieve through this strategic partnership. It is to distribute financial products such as balance, transfers, loans, accounts to CrediBook merchants outside of the shop. In addition, we want to integrate the CrediBook debt recording feature as a use case. additional for 250 thousand agents/stalls on the Payfazz platform,” Payfazz’ CEO Hendra Kwik said.
During the pandemic, there were no significant changes in the CrediBook business. The company is currently experiencing very fast business growth. By targeting 60 million businesses to use the CrediBook platform for their digital financial records.
Original article is in Indonesian, translated by Kristin Siagian