Indonesia-based mobile point-of-sale (mPOS) startup Cashlez has raised $5.8 million in an IPO, while South Korean credit card company KB Kookmin Card has entered into an agreement to acquire Thailand’s J Fintech.
Indonesia’s Cashlez goes public
Cashlez Worldwide Indonesia, which provides a mobile point-of-sale system, raised 87.5 billion rupiah ($5.8 million) in its IPO, lower than an initial target of 100 billion rupiah ($6.6 million).
The firm sold 250 million shares, equivalent to 17.5 per cent of its enlarged capital, at 350 rupiah apiece. It had appointed Sinarmas Sekuritas as its underwriter.
Cashlez shares began trading on the IDX on Monday. Its stock closed at 464 rupiah on Wednesday.
The startup will use the proceeds to purchase a 61.31 per cent stake in IT solution provider Softorb Technology Indonesia (STI), which focuses on smart card and RFID technologies.
In 2019, the startup had raised an undisclosed amount in a Series A funding round led by Japanese diversified conglomerate Sumitomo Corporation. State-owned CVC Mandiri Capital had also participated in the round.
Founded in 2015, the startup claims to have 7,000 merchants as its customers.
South Korea’s KB Kookmin Card acquires Thai firm J Fintech
South Korean credit card company KB Kookmin Card is acquiring a 51 per cent stake in Thai startup J Fintech for 24.8 billion won ($20 million), according to an announcement.
KB Kookmin Card said the acquisition, which is expected to be completed by September this year, will increase its revenue stream through international expansion. The deal makes it the first South Korean credit-specialised firm to enter Thailand’s consumer finance market since the 1998 financial crisis.
J Fintech is a unit of Thai listed retailer Jaymart, which also dabbles in insurance, consumer finance, debt management and property development, among others.
In February, KB Kookmin Card opened a new Phnom Penh-based branch. The credit card company acquired Tomato Specialised Bank to establish its Cambodian subsidiary, KB Daehan Specialised Bank, in 2018.
It also sealed a deal to purchase 80 per cent of Indonesia’s PT Financial Multi Finance in November 2019.