Indonesia fintech start-up iSeller gets $12m
Indonesia financial technology start-up iSeller, which helps businesses to digitise sales and operations, has raised USD 12m in Series B funding led by Intudo Ventures.
Openspace Ventures, Mandiri Capital, the VC arm of Bank Mandiri, and KVision, a unit of Kasikornbank, also participated. Openspace and Mandiri led a Series A of undisclosed size in 2020.
ISeller, an omnichannel-based point-of-sale (POS) platform for online and offline merchants, describes itself as the “Shopify of Indonesia” and the platform of its kind that has been fully integrated with the country’s four largest marketplaces – namely Tokopedia, Shopee, Lazada, and Blibli.
In addition to POS systems, the company supports digital payments acceptance, inventory management, instant online stores, marketplace integration, and food delivery integration. Its technology is used by more than 100,000 businesses in 30 cities.
Clients include large groups such as Sogo and Sinar Mas, but the offering is positioned to support micro-businesses. Bank Mandiri has adopted iSeller as the official POS platform for a programme covering more than 3m companies.
Merchant acquisitions and revenue have both increased 4x in the past two years, while gross transaction volume has grown 5x to more than USD 600m. During this period, the company has tracked an almost 15x increase in the use of marketplace integration features in its ecosystem, along with a 4x increase in online store adoption.
More than 100 new staff were hired in the past 10 months. Concurrent with the latest funding, iSeller completed an acquisition of local payment gateway Yukk. It said the objective was to improve financial inclusivity in its payment services.
“Indonesia’s merchant ecosystem has historically suffered from fragmentation and inefficient processes,” Patrick Yip, a founding partner of Intudo, said in a statement.
“By galvanizing the digital transformation of merchants, iSeller has experienced extraordinary growth over the past few years, leveraging the team’s expertise in SaaS [software-as-a-service], omnichannel technology and integrated payments for the Indonesian market.”
Intudo, which invests exclusively in Indonesia, closed its third fund at USD 115m in 2021. Ticket sizes usually range up to USD 6m, although companies deemed category winners can get USD 10m. The VC firm typically seeks board representation and stakes of 15-20%.
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