Indonesia fintech platform raises $24m Series B

Existing backers Mandiri Capital, Convergence Ventures, and Fenox Venture Capital also participated in the funding round, along with new investors SoftBank Ventures Korea, EV Growth, and EDBI, the VC arm of Singapore’s Economic Development Board. According to a release, the company will use the new capital to accelerate product development and grow its client base.

Moka was founded in 2014 and makes mobile POS apps for iOS and Android devices. The software allows merchants to take orders, issue invoices, and accept payments. Business owners can also use Moka to manage their inventory and loyalty programs, and to generate reports on revenue, best-selling items, and most valuable customers.

While the company initially focused on owners of small and medium-sized enterprises, it has recently found traction with larger retail and food and beverage chains that value the software’s ease of use and integration with various electronic payment platforms. Currently, Moka is used by 12,000 businesses and reported nearly $1 billion in annual transaction volume last year.

Several start-ups are leveraging the spread of mobile internet connectivity and growing penetration of smart devices to develop mobile POS solutions for retailers in Southeast Asia. Moka’s regional peers include Malaysia-based StoreHub, Singapore-based 2C2P, and Vietnam’s M_Service.

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• Topics
• Southeast Asia
• Financials
• Technology
• Early-stage
• Indonesia
• Financial Services
• TMT
• Sequoia Capital
• Convergence Ventures
• Fenox Venture Capital
• SOFTBANK Ventures Korea
• EDBI