In a move that promises to transform traditional bookkeeping for micro, small, and medium enterprises (MSMEs) in Sri Lanka, Shopbook, a fintech startup, has secured $150,000 from Sri Lankan and Singaporean investors led by nVentures. The company aims to tackle the inefficiencies plaguing micro, small, and medium enterprises (MSMEs) with its digital bookkeeping and business management platform.
Shopbook addresses a critical pain point for Sri Lankan MSMEs: outdated, paper-based systems that waste up to three hours daily on manual bookkeeping. The platform offers features such as customer and supplier daybook, cashbook management, and inventory tracking.
“Our goal is to empower the millions of small businesses that form the backbone of Sri Lanka’s economy,” said Aabith Sabeer, Co-founder of Shopbook. “By digitising their operations, we’re not just saving time – we’re opening doors to better financial management, easier access to credit, and overall business growth.”
Adding to this vision, Mithushan Jalangan, Co-founder of Shopbook, highlighted the broader purpose of the platform: “Digitizing isn’t just about going paperless, it’s about using technology to enable data-driven decisions for all stakeholders.”
The startup has already gained significant traction, boasting over 20,000 downloads and processing more than 500,000 transactions. Shopbook’s user-friendly interface, available in all three languages, has contributed to its rapid adoption across all nine provinces of Sri Lanka.
Looking ahead, Shopbook plans to expand beyond digital bookkeeping. The company’s roadmap includes introducing a marketplace for retailers and distributors, integrating payment wallets, and developing a credit scoring algorithm. These features aim to address larger supply chain inefficiencies and improve access to finance for MSMEs.
Shopbook is well-positioned to capitalise on the growing digital payment market in Sri Lanka. The market is projected to reach a transaction value of approximately USD 9.98 billion in 2024, with a compound annual growth rate (CAGR) of 14.49%, resulting in a projected total amount of US$17.15 billion by 2028.
With its innovative approach and strong founding team, Shopbook is poised to play a significant role in modernising Sri Lanka’s MSME sector. As the startup grows and evolves, it may become a model for similar markets across South Asia and beyond.
