ISTANBUL--(BUSINESS WIRE)--Online accounting and finance software developer KolayBi’ announced it received an investment of $1,15 million in the funding round, in which TechOne VC and Turkey's leading venture capital funds participated.
KolayBi’ offers time-saving and cost-effective solutions to facilitate the finance and accounting processes of small and medium enterprises (SMEs). The company aims at developing new products to serve 100,000 active customers in 2023 in line with its growth strategy. KolayBi' provides SMEs an opportunity to track their financial data from a single platform. When customers correctly enter their revenues, expenses, and costs into KolayBi’s system, they can track their profits, losses, and instant cash flows. Having received an investment of $200K from QNBEYOND Ventures in 2020, KolayBi' announced their customers increased 6 times the same year.
Featured Data
In his statement, Gokhan Boyana, KolayBi's CEO, said that more than 40,000 companies were invoiced for $4 Billion through KolayBi’ platform. He emphasized that all over the world SMEs tend to fail in the first five years due to the lack of financial follow-up and proper cash management. Boyana pointed out that KolayBi’s services are valuable in this sense. He continued:
‘Taking into consideration that SMEs account for 98 percent of trade all over the world, we are facing a huge service area. Our current users are issued invoices of $4 billion to more than 40,000 companies using KolayBi’ platform’.
Boyana stated that they raised $1,150 million in the funding tour, in which Turkey's leading venture capitals participated. Boyana said, "In 2021, we mediated e-invoice with a total volume of 4 billion USD”.
Future Plan
The main goal for this year is to create tailored solutions by shaping the product to meet customers’ needs. Therefore, KolayBi’ is planning integration with all banks in Turkey. The platform will be part of in the Banking as a Service as “interface provider”. It will enable providing all KolayBi’ users with a unique account number and ATM card. While users perform basic financial transactions, such as money transfers with these cards, relevant bank transactions will be automatically transferred to their KolayBi’ accounts. Moreover, these cards shortly can be used as their credit cards.
In a nutshell, KolayBi aims to become a one-stop banking, accounting and financial management platform for SMES with this investment. Gokhan Boyana, KolayBi's CEO, commented on the company's future goals as the following:
“Fintech infrastructure companies are essential to today’s banking and finance sector experiencing a digital transformation. In this regard, we are trying to make a difference in our products by researching the real needs of businesses and staying innovative and up-to-date. In the third quarter of this year, we are focusing on growing abroad, mainly in the European and Middle Eastern markets. In line with this goal, we are going to offer KolayBi’ SaaS to foreign SMEs”.
About KolayBi’
KolayBi', a cloud-based new generation accounting and finance software, was founded in 2017 by two young entrepreneurs, Gokhan Boyana and Cem Taylan Ekinci. Continuing to grow with 40,000 customers, KolayBi' offers financial services and accounting solutions to numerous businesses, especially SMEs. Working with 21 leading banks in Turkey, it endeavors to offer the most effective digital solutions in line with the e-transformation needs of businesses with its experience gained from collaborations, technological infrastructure, and a strong and energetic team.
