SEAF invests in PH online accounting firm

The SEAF, an emerging market impact investing company, announced its investment in a Philippine-based online outsourced accounting and finance service provider for startups and small and medium enterprises (SMEs). 

In a statement, the Washington-based investment firm said yesterday that SEAF Women’s Opportunity Fund (SWOF) invested in CloudCfo, marking the company’s second underwriting in the country. 

CloudCfo, a Mandaluyong-based enterprise, is a technology-driven provider for the “the growing demand” of startups and SMEs for outsourced accounting, bookkeeping and finance services. 

According to SWOF, CloudCfo offers "professional, reliable and affordable accounting and finance services."

The company also 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. 

 “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,” Jennifer Buckley, SEAF senior managing director said.

Mickael Cardoso Das Neves, CloudCfo founder and chief executive, meanwhile, said that technology is the future for outsourced accounting and finance services, noting that industries have moved away from the traditional model of the accounting firm.

“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,” Cardoso.

He explained that cloud accounting has minimized disruption and maintain oversight and management across their accounting, finance and compliance functions despite the coronavirus-fuelled lockdowns.

 “We expect this trend to continue as more and more businesses transition to digital,” Cardoso said.

 Currently, CloudCfo employs 45 employees and services more than 100 companies across industries, including technology, e-commerce, finance and lending, restaurants, hotels, manufacturing, business services and retail. 

 Today, over 99 percent of registered businesses in the Philippines are SMEs, employing over 60 percent of the working population.