The funding will help Lummo expand its product offerings and increase headcount. Here are the top-line bullets you need to know.
Lummo, an e-commerce enablement and bookkeeping services provider, has raised $80M in a Series C. The round drew participation from Sequoia Capital India, Tiger Global Management, and CapitalG, among others.
HOW’S THE COMPANY PERFORMING?
- Indonesia-based Lummo offers e-commerce enablement solutions and a bookkeeping app for SMEs.
- Lummo’s annualized bookkeeping transaction volume currently stands at $25.9B, and its gross merchandise value (GMV) grew 11x in 2021.
- The company had onboarded 6.3M businesses and attained 3M monthly active users as of May 2021. The company aims to onboard 20M SMEs by the end of 2022.
- The startup is supported by a team of 300 employees across its offices in Indonesia and India.
Source: Lummo
WHY DOES THE MARKET MATTER?
- The global fintech market is expected to reach a value of $324B by 2026, growing at a CAGR of 23.41%, according to Market Data Forecast.
- The global rate of fintech adoption stands at 25%, signaling a growth opportunity for providers and first movers.
- The fintech market has seen a funding boom in recent years. In 2021, fintech startups raised $131.5B across nearly 5K deals.
