Financial SaaS Provider Xibaoxiao Raises Tens of Mns of CNY in Series A Funding Round

Chinese cost control SaaS provider Xibaoxiao (Chinese: 喜报销) raised tens of millions of CNY in Series A funding round on 9 November 2022, with exclusive strategic investment from Baiwang (Chinese: 百望云).

The money will be used to develop a new business expenditure management platform, expand sales and promotion channels, and broaden market segments.

Founded in 2015, xibaoxiao is an enterprise mobile reimbursement and expense control application. xibaoxiao upgrades financial risk management for business customers through electronic accounting files, invoice cloud, low-code BPM (Business Process Management) platform, using microservice architecture and independent intellectual property rights process engine, intelligent engine digital process. At present, the company has served more than 1000 customers.

Compared with the traditional fee control system, the difference of xibaoxiao is mainly reflected in its BPM as the core, supporting the application of customers in a specific scenario, while opening the entrance of business travel, travel, welfare and other services to achieve the whole cycle of cost control before, during and after the event.

According to Jiangbo Yu, co-founder of xibaoxiao, industry issues, company genetics and customer demand gave birth to xibaoxiao.

For example, in actual operation, there are problems such as a long reimbursement cycle, complex approval process, repeated approval by finance personnel, and difficulties in data statistics and analysis, which leaves enough market space for an online reimbursement management platform.

From the commonality of customer needs, reimbursement process management has a high learning and usage threshold and higher customer stickiness.

Recently, EqualOcean released the China SaaS Top 50 list and analysis report,  more detailed information please click the link below: EqualOcean Announces The 2022 China SaaS 50 Admired Companies List.