XU Biweekly - Issue 76 - 6th April 2024

The independent user news source for accounting apps and their ecosystems

Deputy Elevates Executive Team with Key Strategic Appointments Diya Jolly promoted to Chief Product and Technology Officer

For Strategic Finance & Operations and Global Marketing

DEPUTY, THE GLOBAL PEOPLE PLATFORM FOR HOURLY WORK, IS PLEASED TO ANNOUNCE THE APPOINTMENTS OF ALLA MACDONALD AS SENIOR VICE PRESIDENT OF STRATEGIC FINANCE AND OPERATIONS AND KESHILA VALLOT SHANNON AS SENIOR VICE PRESIDENT OF GLOBAL MARKETING.

With her extensive experience leading finance teams across the tech industry, Alla MacDonald is set to refine Deputy’s financial strategies and ensure its sustained expansion. She brings to Deputy over two decades of finance leadership within the technology sector, having played pivotal roles at Modern Health, Automation Anywhere, Docusign, and Intuit. Her expertise spans financial

planning, risk management, and optimising capital structures, which are essential for guiding Deputy through its upcoming phases of growth.

"Alla's exceptional track record of supporting go-tomarket strategies and her deep understanding of global finance operations will be invaluable as we look to expand our reach and further solidify our market position," said Silvija Martincevic, CEO of Deputy.

"Her strategic vision and proven ability to drive financial excellence align perfectly with Deputy's ambitions for growth and innovation as we continue to scale and achieve our goals.”

Keshila (Kesh) Vallot Shannon, with a rich marketing and brand development background, also joins Dep-

uty to lead its global marketing efforts.

Shannon's previous roles have seen her spearheading marketing initiatives that significantly enhanced brand visibility and market penetration for companies like Lever, Taleo/Oracle, and Fitbit. Deputy’s CRO, Jaimie Buss, expressed excitement about Shannon’s appointment: "Kesh's dynamic approach to marketing and her proven ability to craft compelling narratives that drive engagement and growth is exactly what Deputy needs. Her extensive experience in leading high-performance teams and her innovative outlook on brand development will play a crucial role in our efforts to capture new markets and audiences."

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Saturday 6th April 2024

TODAY XERO AN-

NOUNCED THE PROMOTION OF DIYA JOLLY TO CHIEF PRODUCT AND TECHNOLOGY OFFICER.

The promotion recognises Jolly’s additional global technology team responsibilities, including engineering, security and data, which she assumed in September 2023.

Jolly joined Xero in April

2023 as Chief Product Officer to lead product management, product marketing and user experience globally. Prior to Xero, Diya was Chief Product Officer at Okta, a global SaaS security provider, and previously led YouTube’s advertising monetisation products.

Xero CEO, Sukhinder Singh Cassidy said: “This promotion formally acknowledges the significant impact Diya has already made at Xero. Diya’s leadership across product and technology has deepened the cohesion between the functions, improved the team's ways of working, and increased the pace of our product delivery to help us better serve our customers. We’re excited to officially promote someone of her caliber to the helm of these two critical functions to ensure we continue to build a world class product.”

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Journey Partners with Melbourne HR to Elevate HR Services for Accounting Firms

IThis partnership is set to offer practical, innovative HR solutions tailored specifically for the unique needs of small and medium-sized enterprises (SMEs) in Melbourne and Brisbane.

The Partnership at a Glance

Melbourne HR, renowned for its effective and grounded HR solutions, has chosen Journey for its similar practical approach to business solutions.

This collaboration aims to transform traditional HR tasks into strategic opportunities, improving workplace environments and operational efficiency.

Trent McLaren of Journey comments on the partnership: "Our collaboration with Melbourne HR is more than just a business venture; it's a step towards providing actionable, result-oriented HR solutions. We're focused on delivering real value and enhancing HR services within the accounting community."

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New in Calxa: First Transaction Report is Live

NEW

We are rolling them out progressively but you can request early access if we haven’t got to you yet. Coming soon we have sub-accounts in budgets and reports on payables and receivables.

Account Transactions Report are New in Calxa

This is the first of our detailed transaction reports. Essentially, it lists transactions for selected accounts and business units for your chosen date range.

Simply go to Reports, Builder, you’ll find it under Transactions (where else?) on the left side.

Furthermore, the options are many. Fore example, run it for:

• One organisation or across a group,

• A single business unit or an entire Business Unit Tree.

• Select one account or a header from an account tree. Then choose to group your transactions by account or business unit.

Transaction Report Rollout Plan

The Account Transaction report is now available to all Xero customers and many MYOB customers.

Early on, we did have some challenges with purged transactions and out of balance amounts in MYOB files that had been upgraded from older versions.

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Xero invoicing: how we’re building a smarter, more flexible future

WE RECENTLY ANNOUNCED THAT WE’LL BE RETIRING THE OLDER VERSION OF OUR INVOICING PRODUCT — CLASSIC INVOICING — ON 2 SEPTEMBER 2024. WE KNOW YOU HAVE PLENTY OF QUESTIONS AND CONCERNS ABOUT THIS CHANGE, SO WE THOUGHT WE’D SHARE AN UPDATE ON WHAT’S HAPPENING BEHIND THE SCENES.

The good news: our teams are busy building a new invoicing product that is going to give you far more flexibility and customisation in the

future, with beautiful checkout experiences and unlimited payment methods. It’s also built using the latest technology, so we can roll out more of your Xero Product Ideas over time.

Building new features you love

We’re seeing so many great ideas about what invoicing features you’d like to see in Xero. Unfortunately, we can’t roll them out in classic invoicing because of the limitations that we face with the older technology.

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Ecommpay launches Direct Debit capabilities with GoCardless Embed

MBy using GoCardless Embed -- the fintech’s white-labelled solution that allows payment service providers (PSP) to integrate GoCardless’ global bank payment network straight into their platform through a single, simple API -- Ecommpay was able to offer the new payment method at speed, enabling its merchants to tap into the subscription economy with a fast, secure and cost-effective way to get paid.

The strategic move allows Ecommpay to increase UK and EU market coverage by approximately 44% without cannibalising existing payment methods.

Direct Debit has seen a surge in popularity and consumer demand. It’s now one of the UK’s most popular and trusted ways to pay, with 80% of Brits having at least one to pay for their regular outgoings. According to a survey conducted by Ecommpay at the end of 2023, 54% of UK consumers used subscriptions during the pandemic, with 42% continuing to do so and 14% even increasing their usage. UK consumers have on average 1.6 active subscriptions, with 32% using one regularly and 30% using two.

In addition to evolving consumer payment preferences, businesses face challenges such as fraud prevention and reducing checkout abandonment rates. Recognising existing barriers and shifting end-consumer payment trends, Ecommpay chose GoCardless to help them introduce Direct Debit payments as a proactive response.

Deepak Colluru, Director of Product Management for GoCardless Embed, said: "We're extremely proud to help Ecommpay

launch its Direct Debit offering, enabling its customers to tap into a payment option that is seamless, secure and highly preferred. Ecommpay's speed to market is testament to the simple 'plug-and-play' nature of GoCardless Embed, allowing payment service providers to access a global bank payment network in a matter of weeks. We look forward to helping millions of businesses realise the benefits of bank payments, from reducing costs, fraud and manual admin to increasing cash flow and conversion."

Head of Financial Partnerships, Arthur Ribakovs said: “The addition of Direct Debit capabilities further expands Ecommpay’s already extensive portfolio, including Open Banking: Advanced, 100+ local payment methods and global card acquiring via a single integration. With a full-stack proprietary ecosystem that ensures 99.999% uptime and around-the-clock business and IT support, Ecommpay is not only strengthening its presence in the UK and Europe, but continues to improve its offering for FinTech and e-commerce merchants.”

GoCardless Embed is an integration for third party payment service providers (PSP) to access:

• bank payment schemes in the UK, Eurozone and US, with more to come in the near future

• end-to-end payment processing capabilities for bank-to-bank payments including reconciliation, mandate management, reporting and refunds

• open banking-powered features, including instant one-off and recurring payments in the UK and account verification and fraud prevention across the three markets

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FJivrus

GLOBAL - Data Studio Connector integrates Google Data Studio with Xero. Using this connector, users can connect with Xero from Google Data Studio, browse the entities in Xero, query and present results on beautiful dashboards and reports.

Best Business Advice Firm (Revenue <$30m)

D’Angelo Legal

Global - EMAsphere offers a unique reporting solution for accountants, strategic advisors and CFOs that want to optimize the performance of their business, by integrating multi source systems, structuring the data and offer a wide range of reporting packs. EMAsphere

SPOTTED ON SOCIAL

R.E.P.R.E.S.E.N.T partners with Cone to Reimagine the work management for Accounting and Bookkeeping Firms heights."

Their track record speaks volumes, & we are eager to see how this collaboration will propel us forward in the competitive landscape”

MyWorkpapers and CPA Ireland launch new partnership

MYWORKPAPERS HAS ANNOUNCED A GROUNDBREAKING PARTNERSHIP WITH CPA IRELAND, A LEADING PROVIDER OF TRAINING, CPA AND WORK TEMPLATES TO IRISH ACCOUNTANTS.

This collaboration aims to transform the landscape of accountancy in Ireland by integrating vital CPA Ireland documentation into the MyWorkpapers’ innovative cloudfirst platform.

CPA Ireland provides trusted content and templates necessary for the completion of audits and audit exemptions engagements for clients.

Two members of the CPA Ireland Professional Standards team, Emer Kelly, Quality Assurance Manager, CPA Ireland and Jacinta Devins, Practice Regulation Manager, CPA Ireland seen the opportunity to modernise and optimise how this content is housed through the MyWorkpapers digital workspace.

This partnership will now see this content integrated into the MyWorkpapers platform, in a first-of-its-kind integration for Irish financial services technology with an accountancy body.

The partnership marks a significant milestone in the evolution of accountancy practices, helping users to centralise, simplify, and standardise their accountancy practices.

“Our partnership with CPA Ireland is a testament to our commitment to empowering accountants with the tools they need to succeed in a rapidly evolving industry,” said Rich Neal, CEO of MyWorkpapers. “We are proud to collaborate with an institution as respected as CPA Ireland and look forward to supporting their members in achieving greater efficiency and compliance in their professional work.”

Under the new relationship, MyWorkpapers also plans to bring its expertise in accounting innovation to CPA Ireland members via a series of educational articles and webinars that are planned for later this year.

Mark Gargan, President of CPA Ireland, expressed enthusiasm for the partnership. He said:

"CPA Ireland is delighted to launch this product with MyWorkPapers. It brings together trusted audit and audit exempt working paper content with the innovative capabilities of a digital cloud-based platform."

“The collaborative power of the product will allow accountancy practices to work in a new innovative way, supporting enhanced team engagement and collaboration while ensuring that firms adhere to current standards. The product includes additional supports and guidance to facilitate high quality engagements.”

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Cone have chosen to R.E.P.R.E.S.E.N.T their Journey with market enablement services to supercharge Accounting and Bookkeeping practice efficiency.

We spoke to Raja Balachandran, Founding Member of Cone, here’s what he had to say on this new partnership.

“Our journey with R.E.P.R.E.S.E.N.T has come full circle in the most remarkable way. Initially welcoming them as a client, we were privileged to witness firsthand the depth of their expertise & innovation within the SaaS and Accounting industry."

"This experience was not only enlightening but also transformative, leading us to reevaluate our own market enablement strategies. The decision to then become a client of R.E.P.R.E.S.E.N.T was a natural progression, driven by our admiration for their profound industry knowledge & innovative approaches."

"We are incredibly excited to embark on this partnership with R.E.P.R.E.S.E.N.T, confident in their ability to amplify our market presence & enable us to achieve new

When speaking to James Marshall R.E.P.R.E.S.E.N.T Group Co-founder & Chief Evangelist, his thoughts on this new partnership.

“Our relationship with Cone is a pivotal part of our global operation, from deploying Proposal to Payment solutions, across the entirety of the Represent Group."

"We've been not just users but avid supporters of Cone's innovative solutions, which have significantly streamlined our processes & enhanced our efficiency on a global scale. The transition from being a delighted customer to a strategic partner marks a significant milestone in our Journey."

"What we love about Cone is their forward thinking and a high-quality bar for SaaS products. Not to mention their responsiveness & ability to action feedback rapidly."

"It's a privilege to now stand alongside Cone, not just as clients, but as partners, working together to redefine industry standards.”

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data. Achieving SOC 2 Type II attestation reaffirms our commitment to

implementing robust security measures and maintaining stringent internal controls."

This significant achievement holds profound implications for Deputy's customers. With SOC 2 Type II attestation, Deputy demonstrates its ability to uphold rigorous security measures and internal controls. This, in turn, provides customers with assurance regarding our commitment to investing in the security and reliability of the Deputy platform for managing workforce data effectively.

"We are immensely grateful for the continued trust and partnership of our customers," added Agathe Savard. "Obtaining SOC 2 Type II attestation is a pivotal milestone for Deputy that signifies our ongoing commitment to enhancing data security and privacy."

"We remain steadfast in our dedication to investing in security measures and refining our processes to empower our customers to focus on creating exceptional employee experiences."

The essential financial controls all businesses need

By Stuart Hurst, Head of Accounting, ApprovalMax EMEA

SIX FINANCIAL PROCESSES THAT BRING BIG BENEFITS

In PwC’s Global Economic Crime and Fraud Survey, just under half (46%) of businesses surveyed experienced some form of fraud or economic crime in the last two years.

This shows that a huge portion of businesses still don’t have enough checkpoints and guardrails to stay on top of financial processes – leaving them vulnerable.

Financial controls are simple steps that can help with compliance, reduce risk, and even boost overall productivity by making many tasks easier.

Research commissioned by PwC found internal financial controls do indeed work – two-thirds of organisations that experienced fraud discovered their most disruptive incident through financial controls.

No matter the size of a business though, now is the time to build good hab-

its and put these essential steps in place.

What are financial controls?

Financial controls are policies and procedures that are put in place to keep financial records in check and protect company assets. Along with preventing or detecting accounting errors, they also help find and deter fraud, such as account skimming, misappropriation of assets, or false expense claims.

Most larger organisations have fairly extensive financial controls due to the size of their teams. Smaller businesses, on the other hand, tend to have less rigor around these processes – it’s not uncommon for one person to handle most financial tasks.

Adding controls not only makes their lives easier and the business safer in the long term, but also those of their accounting and bookkeeping partners.

Here are six essential financial controls business-

es of all sizes should put in place for smoother and more secure operations:

1. Segregation of duties: Segregating duties means that no single employee has total control over a financial transaction – like processing invoices or approving expense claims. This improves the accuracy of financial data and minimises the risk of fraud.

When setting up a workflow, the more junior employee should book the journal or set up the payment and the more experienced team member authorise or book the transaction.

While these processes should involve a minimum of at least two individuals, companies should plan for when staff are on annual leave with alternate workflows so time-sensitive transactions can still go ahead.

2. Reconciliations: Reconciliations aren’t a onceoff – they should be done regularly. This process of matching accounting to source data keeps financial

information up to date and can pin-point anomalies that can undermine the integrity of financial records.

Reconciling accounts weekly will make it easier to fix errors, helping to stay on top of banking, payroll records, and fixed asset registers. Retail businesses with a physical shop front should reconcile cash takings against transaction records, while those operating online should remember to reconcile digital transactions.

3. Authorisations and approvals: Financial controls include setting up who is responsible for what.

Limits on who can authorise or approve transactions above a certain amount can keep tighter reins on spending, helping companies to stay on budget and make sure any spending policies are consistently applied throughout the business for both employee expenses and supplier invoices.

Tools like ApprovalMax can streamline these transactions through approval

workflows related to managing purchase orders or employee expenses. By automating these, actions can progress easily without having to manually chase or nudge the next approver.

4. Control over budgets: While authorisation processes help, it’s still important to track and monitor company spend across all budgets so that expenses are within planned limits.

If you don’t check budgets before giving approval to pay bills and invoices, it can cause working capital issues.

This makes it harder to pay suppliers on time and increases the likelihood of needing short-term funding, which isn’t always ideal.

Certain tools simplify, or even automate, this process. Where possible, seek out cloud-based options that compare company budgets to live accounting data, inspect and document variances.

5. Compliance checks: New legislation, like Making

Tax Digital (MTD), and an increase in fraudulent activity make it more critical than ever for businesses to establish compliance checks in their finance departments.

Thankfully, there are ways to make sure your business is compliant. Businesses should use anti-money laundering (AML) and Know Your Customer (KYC) procedures to check suppliers are legitimate and manage any associated risks.

These usually include obtaining original documentation, such as company registration details and, where relevant, VAT numbers. It’s worthwhile also finding information on company directors to see if they’ve recently managed companies which have gone insolvent.

If offering customers payment terms, run credit checks during the onboarding process and regularly monitor them for adverse financial events, such as County Court Judgements (CCJs).

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Revolutionising Accounting: The Impact of MYT and AI on the Future of Finance

By Oumesh Sauba, CEO, MYT

MYT LEADS THE ACCOUNTING REVOLUTION WITH AI, TRANSFORMING TRADITIONAL PRACTICES INTO EFFICIENCY.

As we stand on the brink of a new era in the accounting sector, the winds of change are powered by automation and advanced technologies.

The future of accounting is not just an evolution; it's a revolution, spearheaded by innovations that promise to transform the traditional ledger into a dynamic, intelligent, and highly efficient system.

At the forefront of this transformation is MYT, a visionary brand that has embraced the potential of AI to redefine accounting for micro and small businesses.

The Rise of Automation in Accounting

The accounting industry is undergoing a seismic shift, with automation and artificial intelligence (AI) leading the charge.

These technologies are not merely add-ons but are becoming integral to the accounting process, offering unprecedented accuracy, efficiency, and insights.

Automation simplifies repetitive tasks, from data entry to complex calculations, freeing accountants to focus on strategic decision-mak-

ing and advisory roles.

AI-Powered Data Extraction: A Game Changer

One of the most significant advancements in accounting automation is AI-powered data extraction.

This technology streamlines the processing of invoices, receipts, and bank statements by converting them into digital data. The result is a faster, more accurate, and highly scalable solution to bookkeeping that minimises human error and maximises productivity.

MYT: Pioneering the Future of Accounting

MYT stands as a beacon of innovation in the accounting landscape. Born from the desire to simplify bookkeeping, MYT has evolved into a comprehensive tool that embodies the future of accounting.

With its AI-powered software, MYT automates VAT returns, prepares profit and loss statements, and generates balance sheets with unparalleled precision.

Efficient, user-friendly, affordable, innovative, and simplified—these are the pillars upon which MYT is built.

The brand's journey from an ambitious concept to a transformative tool highlights its commitment to excellence and innovation. By leveraging optical character recognition (OCR) and machine learning, MYT has

Why it’s time for accountants to raise their prices

By Dane Thomas, Co-Founder and Chief Product Officer, Ignition

AT ITS HEART, ACCOUNTING IS A NUMBERS PROFESSION.

Another approach is standardising services, to ensure prices are consistent and have clear guidelines in place on how to deliver services, while allowing flexibility to adjust to specific needs of customers and value-added services.

Creating the right pricing strategy and pricing their services accurately will be critical to setting themselves up for success this year.

optimised data extraction, making bookkeeping a swift and hassle-free process.

The Role of MYT in Shaping the Future

MYT is not just adapting to the future; it's actively shaping it.

The brand's approach to automation and AI reflects a deep understanding of the industry's needs and the challenges faced by accountants and bookkeepers. By focusing on technology that enhances efficiency and accuracy, MYT is setting new standards for what accounting software can achieve.

Moreover, MYT's adaptability and resilience, especially evident during the global lockdown, showcase its potential to lead in times of change. The software's compliance with the HMRC's Making Tax Digital initiative is a testament to its forward-thinking design and its ability to meet rigorous standards.

Conclusion: A New Chapter in Accounting

The future of accounting is bright, with automation and AI leading the way to a more efficient, accurate, and insightful industry. MYT is at the heart of this transformation, embodying the change that is reshaping the accounting landscape.

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For many accountants, this will mean increasing their prices. A recent Ignition poll found that 69% of respondents were looking to increase their fees this year by 5 to 10% on average, while 15% were looking to increase their fees by more than 10%. For accountants considering how to raise their prices without alienating their clients, here are three things that you should consider.

Out with the hourly

Many accounting firms today still use an hourly pricing model, which involves charging an hourly rate and multiplying that by the total number of hours worked to determine the final price.

While this model is simple and easy to enforce, clients typically do not know what the price is until after the fact which can lead to “bill shock”. Increasingly, clients want to know what the cost of their service is upfront from their accountants.

Hourly billing is also a quantitative way of billing, incentivising the amount of time you put into your clients’ work, as opposed to the quality and value of the work that you provide. This model is not ideal for accountants looking to grow their advisory and compliance services, which typically come at a higher cost.

Accountants looking to raise their prices should explore new pricing strategies, such as a fixed-fee pricing model, which sets a fixed price for each service based on a narrowly defined scope.

One cardinal mistake that many accounting firms make is not starting out with an engagement letter. Beyond being an extremely important reference point for a clearly defined scope of work, an engagement letter can also allow you to add a clause to adjust the fees if you ever find that you have underquoted.

The price is right?

For accounting firms moving away from hourly prices, they will need to work out how much to charge. In addition to understanding the market rate and factoring in inflation and any other increase to their operational costs over the next 12 months, accountants should take four simple steps to set their price.

List your services: This task can be as simple as exporting a list from your firm’s accounting or billing system. However, if you don’t already have such a system in place, put pen to paper to create a robust list of all the services your firm offers.

Calculate your average fees per service: If you can export details from your accounting software then you can complete this step pretty quickly as well. If possible, export a detailed list of transactions from your income accounts within your ledger. Sort these by description or service, and you should then be able to total everything up before calculating the average price that you currently charge for each of your individual services.

Set your minimum fees as a baseline per service: Now you know your average fee per service type, and you can also filter the data to see your current minimum and maximum fees. This information will enable you to set your minimum fees for

your services going forward, which can have a transformative effect on your revenue.

Determine your tiered pricing: Last but not least, have a think about your tiered pricing structure and create a detailed pricing matrix.

To do this, consider each step that is involved in providing your services - think about any factors that might delay or complicate your ability to complete the jobs in question. Use this information to devise a way to categorise your clients.

Automate price increases and late payments

Changing your fee structure and determining the right price will get you to a good place to ensure you’re being paid fairly and accurately for the work and value that you provide to new clients. But what happens when it's time to renew a contract with existing clients? Many accounting firms are hesitant to broach the awkward conversation about annual price increases for fear that it will turn the client away.

This is where automation can work in your favour. Suitable technology can automatically apply a percentage price increase when renewing annual client engagements and automate invoicing and payment collection. For accountants, this enables them to grow revenue, improve profitability and prevent them from underselling their services.

At the end of the day, no matter what approach you take, these changes need to be communicated to clients consistently and effectively to avoid confusion. No one likes surprises when it comes to paying their bills.

By exploring new pricing models and assessing the right price against market rates and automating billing and invoicing processes in the back end, accounting firms can stay competitive and grow customer value this year.

Wise Platform teams up with Swan for faster, cheaper and more convenient international payments

WE’RE DELIGHTED TO ANNOUNCE

OUR LATEST WISE PLATFORM PARTNERSHIP WITH SWAN, THE EUROPEAN LEADER IN EMBEDDED FINANCE. SWAN ENABLES COMPANIES

ACROSS EUROPE TO EASILY EMBED BANKING FEATURES SUCH AS ACCOUNTS, CARDS, AND PAYMENTS INTO THEIR OWN PRODUCT. HOWEVER, ONE THING WAS MISSING FROM THEIR OFFER; EFFICIENT AND COST-EFFECTIVE INTERNATIONAL PAYMENTS.

To make life easier for Swan’s clients, we fully integrated our Wise Platform API into their technology stack - allowing their clients to enable international payments seamlessly. There were two main benefits to this approach: reducing implementation timelines

and costs, and keeping the all-in-one user experience that makes Swan so successful.

We’re proud to announce that as of today, Swan’s 100+ clients can enable their customers to send and receive funds in 20+ currencies at the mid-market rate 1 in just a matter of seconds. For reference, over 60% of all transfers sent globally via Wise now settle instantly (meaning payments settle in less than 20 seconds and 94% within 24 hours).

Nicolas Benady, CEO at Swan said: “People expect in-app payments to be available in whatever currency they need. Through Swan's partnership with Wise Platform, any European company can now easily embed international payments into their product.

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PayPal Ventures Invests in SingleInterface

Company to utilize funds for product development and global market expansion

SINGLEINTERFACE, A LEADER IN THE ‘HYPERLOCAL MARKETING-TO-COM-

MERCE’ SOFTWARE SECTOR, TODAY

ANNOUNCED A US$30 MILLION FINANCING IN ITS FIRST EVER EXTERNAL FUNDRAISING ROUND.

Asia Partners, a Singapore-headquartered growth equity investment firm focused on investments in high growth technology and technology-enabled companies led the round. PayPal Ventures, the global corporate venture arm of PayPal, also participated.

Founded by serial entrepreneurs Tarun Sobhani and Harish Bahl, the Founder of Smile Group, SingleInterface has been recognized as a leading SaaS platform in Asia with an integrated product suite powering digital marketing, customer engagement, and e-commerce for multi-location enterprise brands.

The company has been instrumental in empowering such brands to harness the potential of digital marketing and e-commerce

to drive growth for their local touchpoints.

Tarun Sobhani, Co-founder and CEO of SingleInterface, said, “Our suite of products has proven to deliver remarkable revenue growth for our clients, accounting in some cases for 15-20% of their revenues. We are committed to further invest in building our portfolio of AI-driven marketing and commerce enabling products. We are on a mission to empower our customers to drive further growth, enhance the customer experience, and provide rich business insights and context across their different locations, enabling them to grow and win locally.” SingleInterface will use the capital infusion for three key priorities: to further consolidate its leadership position in its category in Asia, to extend its reach worldwide, and to continue deepening its portfolio of hyperlocal marketing, engagement, and commerce products, particularly around advanced audience segmentation and personalized re-engagement.

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PayPal Ventures Coleads Qoala's $45 Million Series C Funding Round

Expanding horizons: Qoala's latest investment raise unlocks new markets, fostering a connected insurance ecosystem across borders.

OMNICHANNEL INSURTECH

The round was joined by MUFG Innovation Partners, Ohana Holdings and existing investors, Flourish Ventures, Eurazeo and AppWorks, echoing confidence in the company’s mission in driving financial inclusion.

The Series C funding enables the company to expand its embedded insurance business (B2B2C) across Southeast Asia. The investment will also empower Qoala to intensify its tech-driven initiatives, seamlessly integrate artificial intelligence across all channels, and elevate the experience of customers, agents, and partners. Further, Qoala will leverage the funds to explore new products and channels for its agent platform, while accelerating growth by exploring strategic acquisitions and partnerships across all verticals. This multi-faceted approach will strengthen Qoala’s leading market position in the region.

Harshet Lunani, Founder and CEO of Qoala said, “Guided by the unwavering dedication of our exceptional team and the trust vested in us by our investors, our Series C funding demonstrates market confidence in our strategy and mission. Our mission to democratize insurance remains steadfast, and with this new infusion of funds, we are better equipped than ever to drive innovation and impact lives and livelihoods.”

Alexandros Bottenbruch, Principal, PayPal Ventures said “It is commendable to see what Qoala has achieved in a short period of time. By positioning itself as the solution of choice for both consumer-facing platforms and traditional agents, Qoala is providing consumers across Southeast Asia with much-needed tools to address the persistent protection gap.” Ryan Collins, Managing Partner of MassMutual Ventures stated "We have been extremely impressed by Qoala’s remarkable growth since our first investment in 2019. The team’s consistent hard

work and high-performance are evident in their market-leading position. We are proud to continue our support as they continue to redefine industry standards and promote financial inclusion in the region.”

Since its Series B fundraise in 2022, Qoala has recorded a 2.5x growth in gross written premiums and currently processes up to 60% of total claims in-house, while delivering market-leading customer satisfaction. Notably, the impressive growth is predominantly attributed to their diversified partnership channels, which saw a significant expansion in business partners. The company’s profitability metrics have continued to trend upwards, outpacing GWP’s growth, highlighting its commitment to sustainable financial performance.

Qoala’s agent platform has demonstrably improved insurance accessibility and claim resolution for Indonesians within just four years. In 2023 alone, Qoala processed over 115,000 claims and reached 45,000 new customers. Its diverse product portfolio and motivated 60,000+ marketers network further contribute to safeguarding its customers’ financial well-being. Through nationwide presence and impactful initiatives, the platform simplifies insurance and empowers individuals across Indonesia, making a significant societal impact.

The InsurTech’s emphasis on financial inclusion was recognised by CB Insights in 2023, when Qoala was named to its Fintech 100 and InsurTech 50 global list. The company’s mission of improving lives has gone beyond product innovation and distribution to being a strong advocate of financial literacy across various offline and online platforms. This funding will be directed towards significantly enhancing agent experiences and operational efficiency by further advancing the company’s use of generative AI. This investment will enable Qoala to refine and expand its established InsurTech platform, ensuring it remains at the forefront of technology and reduces time-to-market.