Mandiri Capital Indonesia invests $2m in payments startup Cashlez

By Antonia Timmerman

July 12, 2017

Mandiri Capital Indonesia (MCI), the venture capital arm of state-owned Bank Mandiri, has led a $2-million investment into payment startup Cashlez, the company announced on Wednesday. Other investors including Gan Kapital participated in the round.

The startup will use the funding for expansion, marketing, and general operational activities.

Cashlez is one the first Indonesian startups to locally develop a host of payment solutions which include a fully certified card-present payment gateway and merchant centric reporting tools.

Its closest rival in Indonesia is Moka, another Jakarta-based mPOS startups which counts MCI, Convergence Ventures, East Ventures, Fenox VC, and Northstar Group, as its investors.

“Through Cashlez, small and medium enterprises now have more access to digital payment solution which is more affordable and innovative,” Eddi Danusaputro, CEO of MCI, said in his press statement.

Cashlez claims to have served over 1,000 merchants since its inception in September 2016. The startup aims to distribute another 4,000 card reader devices across the country.

This is MCI’s seventh investment till date in fintech startups. The VC has so far invested in PrivyID, Amartha, and MOKA, among others.

Banks are leading the development of the fintech sector, with the larger ones creating their own VC arms to invest and acquire fintech startups.

Early this week, state-owned Bank Rakyat Indonesia (BRI) announced that it was in the process of acquiring a VC firm, and is readying Rp 500 billion ($37 million) for that mission.

Also Read:

Indonesia state-owned lender BRI to acquire VC firm

Indonesia lender BRI hires Telkom exec to boost fintech, to form VC unit

Indonesia: Bank Central Asia launches VC unit, to invest $15m in fintech

Indonesia comes out with regulations for P2P lending platforms

Eight Indonesian fintech startups officially registered under OJK

Indonesia: Local VCs deployed $463.5m in first quarter, says OJK report

Indonesian startup Jukir acquires fintech firm Wallezz Finansial

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW