Point-of-sale app operator Moka has just received $2 million in a funding round led by Mandiri Capital, with participation from Convergence Ventures, East Ventures, Fenox VC, and Northstar Group, according to an announcement today.
The investment followed a $1.9 million, East Ventures-led series A round obtained by Moka in June last year. Other investors who participated in the round were Convergence Ventures, Fenox VC, Northstar Group and Wavemaker Partners.
Moka has said it plans to use the fresh funds to speed up product development, as well as to attract “the best talents”.
The Jakarta-based startup provides an end-to-end POS and payment solution that caters to small and medium businesses in Indonesia. The service includes an Android/iOS app used by store cashiers and a web back-office that allows store owners to access data such as sales reports, inventory, and customer feedback in real-time.
Eddi Danusaputro, CEO of Mandiri Capital said, that Moka solves the problem of tracking sales often faced by small business owners.
“One of the difficulties that we see in SME’s is to track sales and many business owners are still doing it manually. We think that Moka is the right partner and the best startup available to provide such ability to SME,” Danusaputro said.
Also commenting on the investment, CEO and co-founder Haryanto Tanjo, said: “We believe that Bank Mandiri’s vast network of SME merchants will benefit from our Point of Sales (POS) and payment solution. We look forward to working with Mandiri Capital to empower local businesses in Indonesia.”
The company has seen rapid growth in 2016 with over 2,500 monthly paying merchants to date, and it plans to grow even more aggressively this year.