Philippines
Global
Manila, The Philippines – SEAF’s Women’s Opportunity Fund (“SWOF”) has invested in CloudCfo, a technology-driven provider of outsourced accounting, bookkeeping and finance services for startups and SMEs in the Philippines. This is the second investment made by SWOF in the Philippines.
CloudCfo was established in 2016 by founders Mickael Cardoso Das Neves (Chief Executive Officer) and Anne Gauthier (President). CloudCfo’s founders observed a growing demand within the startup and SME community in the Philippines for professional, reliable and affordable accounting and finance services. They recognized that by combining innovative technology solutions with a process-driven and output-focused approach to accounting, startups and SMEs across the Philippines can benefit from a real value-added and transparent service for managing their business finances.
Based in Mandaluyong City, Manila, CloudCfo now employs 45 employees and services more than 100 companies across a range of industries, including technology, e-commerce, finance and lending, restaurants, hotels, manufacturing, business services and retail. The company offers a full range of accounting, bookkeeping, tax compliance and financial reporting services. All of CloudCfo’s services are performed entirely online and are fully enabled by cloud technology.
Jennifer Buckley, Senior Managing Director of SEAF noted, “We are excited to be partnering with CloudCfo as we see the company providing critical services that will help in the development of the startup and entrepreneurial ecosystem in the Philippines. SMEs are an important lever in the country’s broad-based economic development and poverty eradication. We are impressed by the strong expansion of its customer base, particularly among women entrepreneurs, while exhibiting solid retention metrics.”
Mickael Cardoso Das Neves, Founder and CEO of CloudCfo, stated “Technology is the future for outsourced accounting and finance services. We have moved away from the traditional model of the accounting firm. It is no longer necessary to courier documents across the city or wait weeks to review your company’s financial data. Through the integration of cloud accounting software and online solutions with robust financial controls and processes, we are providing a service for clients that does not currently exist in the Philippines. This is Accounting 2.0.”
Mr. Cardoso further noted “The benefits of technology for accounting have been particularly evident since the arrival of COVID-19. In the midst of alternative working arrangements and internal restructurings, businesses have been leveraging cloud accounting solutions to minimize disruption and maintain oversight and management across their accounting, finance and compliance functions. We expect this trend to continue as more and more businesses transition to digital.”
CloudCfo’s primary focus is on servicing startups and SMEs. Over 99% of registered businesses in the Philippines are SMEs, employing over 60% of the working population. All these businesses are required by law to maintain books of accounts and ensure rigorous financial management. However, the compliance and regulatory landscape in the Philippines is difficult to navigate, making it hard for founders and company owners to concentrate on scaling their businesses. CloudCfo is using technology to solve this problem. The company ensures that founders and business owners consistently receive accurate financial information that actually makes sense.
Mr. Cardoso said “This investment from SEAF will have a significant impact for both CloudCfo and the startup and SME community here in the Philippines. We will use the investment to grow faster across three key business areas – investment in technology, further development of our in-house expertise and our people as well as the expansion of our services within the market.”
CloudCfo offers a resource efficient and cost-effective alternative to the traditional outsourced accounting and bookkeeping service model. The company provides an end-to-end accounting service that enables clients to monitor and manage their finances from any location. CloudCfo has recently developed its own process management platform which it offers to clients, free of charge, as part of the CloudCfo service. The CloudCfo platform enables and drives accountability, consistency and transparency across a company’s finance department.
SEAF Investment Director Rowena Reyes explained that “SEAF sees great potential in CloudCfo and particularly how they embraced a culture of lifelong learning, enabling employees’ professional and personal development. CloudCfo believes that employees who are engaged in their work and committed to the company give it a competitive advantage, including higher productivity, better customer service and lower turnover. Mickael believes in empowering his employees through open communication, mutual respect, and shared power and decision making. SEAF’s partnership with CloudCfo will support the development of its proprietary technology and the expansion of its presence in the Philippines to accommodate its growing workforce.”
About CloudCfo
CloudCfo supports startups and SMEs in the Philippines with achieving sustainable growth by providing the highest levels of professionalism, transparency and innovation in outsourced accounting and finance services.
Based in Mandaluyong, Metro Manila, the company offers the full range of outsourced finance services, including accounting, bookkeeping, tax compliance, financial reporting, payroll, budgeting, financial forecasts, catch-up accounting, strategic financial advisory and virtual CFO services.
Empowered by cloud technology and with a focus on process and output, CloudCfo helps to support, strengthen and optimize the finance functions of its startup and SME clients in the Philippines.
CloudCfo Inc.
2F Paragon Plaza
162 EDSA
Cor. Reliance St
Mandaluyong
1550 Metro Manila
About SEAF
SEAF is a global impact investment fund manager targeting both financial returns and significant social impact by providing capital, capacity building, and a global network to support small and medium-sized business expansion.
Since 1989, SEAF has invested in over 400 companies in 32 countries. As an emerging market investor, SEAF is particularly focused on women’s economic empowerment and gender equality, equal opportunity in health and education, clean energy and smart solutions, sustainability in agribusiness, financial and technological inclusion, and displaced and migrant lens investing.
The SWOF Women’s Opportunity Fund is investing up to 2 million USD per investment in growth-oriented, women- led businesses in Vietnam, the Philippines, and Indonesia. SWOF’s investment in Organica was recently awarded the AVCJ Responsible Investment of the Year 2019. For more about SEAF, see www.seaf.com.
For more information on SEAF’s activity in gender lens investing, please contact Jennifer Buckley at jbuckley@seaf.com.
