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

Money Forward 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.

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