Philippine-based CFOTech company, OneCFO, raised $500,000 pre-seed funding and ropes in former Philippine Board of Accountancy (BOA) Chairman and former Bureau of Internal Revenue (BIR) Commissioner Joel L. Tan-Torres (JLT) on its Board of Directors.

The pre-seed funding, participated by local and foreign angel investors, will be used to develop its suite of business-to-business (B2B) financial management apps and strengthen its bench of finance professionals to serve the growing demand for its tech-enabled solutions catering to Small and Medium Enterprises (SMEs) and growing number of startups and scaleups.

“We are very honored to have JLT in our cap table and our Board. His unparalleled credentials, experience, expertise, network, and influence create tons of value for OneCFO as we build and scale,” shared OneCFO founders Jay Olos and Limuel Cornejo.

Aside from being the former chief of both the BIR and BOA, Tan-Torres is also the former Dean of UP College of Business Administration and a former Partner at top audit firms SGV & Co. and Reyes Tacandong & Co.. He completed the International Tax Program (equivalent to Masters in Law) in Harvard Law School, and topped the 1979 CPA Licensure Examinations shortly after graduating cum laude from the University of the Philippines, where he also earned his MBA.

“I was impressed by OneCFO’s innovative approach to combining AI with financial management services. Its ability to provide SMEs and startups with access to sophisticated CFO tools and insights, which were traditionally limited to larger corporations, stood out. OneCFO’s vision of democratizing financial intelligence for businesses is truly game-changing, making it a natural choice for my investment and active engagement ”, said Tan-Torres.

According to Tan-Torres, OneCFO is redefining the role of financial management by automating routine tasks and offering real-time finance insights that enable businesses to make data-driven decisions. For the accountancy profession, this platform empowers accountants to shift from transactional roles to strategic advisors, helping businesses navigate complex financial landscapes. “OneCFO’s integration of various tools provides a comprehensive finance solution, setting the stage for the future of business finance”, explained Tan-Torres.

(L-R) OneCFO’s Founder & CEO Jay Olos, former BOA Chair and BIR Chief Joel Tan-Torres and OneCFO Co-Founder & COO Limuel Cornejo

OneCFO is a fintech platform that aims to provide CFO technology and expertise to SMEs, and growing number of startups and scaleups in the Philippines. It provides an integrated cloud accounting systems, ERPs, payroll software, business intelligence, and other software into one platform, creating a complete finance and accounting package for businesses.

In less than two years of operations and with a team of only 10, OneCFO has served around 80 client engagements, processed millions of transactions, and helped a dozen of SMEs and startups get funded. Among its notable clients include fast-rising tech companies such as SolX, NextPay, Kwik.insure, Toki, Advance, Colourette, OneLot, LabLog, JLabs, and AIQUE Innovation. It also partnered with local accountingtech and niche ERP systems such as Beppo, Britana, and Stash PH, startup accelerators, venture capital firms, banks, and non-bank financial institutions.

This year, OneCFO officially launched its web app and launched ‘isneek’, the country’s first ever free business valuation app to help SMEs properly value their businesses.

Tan-Torres will be joining the OneCFO Board of Advisors comprising of AIM Global President & CEO Dr. Ed Cabantog, international private banker Yoshihiro Nishi, Beppo and JuanTax co-founder Marvin Galang, MUFG AVP for Governance & Compliance Program Oversight Atty. Reiland Gumabao, and former Chief Investment Strategist Chuck de Castro.

“Bootstrapped in the beginning, we started everything manually - doing things that don’t scale which gave us tons of learnings and best understanding of the pain points of both SME owners and their accountants in this country. We’ve been profitable since our sixth month of operations and been reinvesting our profits to develop the platform. This pre-seed funding will definitely speed-up our development”, shared Olos.

Olos, a topnotch CPA and seasoned tech CFO, founded OneCFO in late 2022 with his college classmate and brod Limuel Cornejo, also a CPA and former accounting firm owner. The two met as accountancy students at the Philippine School of Business Administration in Quezon City.

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