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Lummo: Asia’s Merchant Operating System | Emergent
Small and medium-sized businesses (SMBs) are the engine of economies around the world. SMBs come in all shapes and sizes from mom-and-pop stores to businesses with dozens of employees and multiple locations. Globally startups have zeroed in on SMBs, particularly small merchants and retail stores as a rich segment to target to roll out technology products for. While this phenomena is global, one of the first countries that has seen entrepreneurs try digitize these small retailers is Indonesia.
One of the startups leading this charge is Lummo (recently rebranded from BukuKas). Lummo is building Asia’s merchant operating system and offers a range of accounting, financial service and ecommerce tools to Indonesia’s gigantic market of SMBs. Lummo was founded in 2019 and since then has scaled extremely rapidly:
- 6+ million users and 3+ million monthly active
- $150 million raised from the likes of Sequoia Capital, Tiger Global and CapitalG
- $25B+ in annualized bookkeeping volume
- 1+ million merchants using LummoShop