Indonesia-based point-of-sale app operator Moka has announced the closing of a $24-million Series B funding round led by Sequoia India and joined by new investors SoftBank Ventures Korea, EDBI, EV Growth.
Existing investors Mandiri Capital, Convergence, and Fenox also participated in the round, according to an official statement.
The value of the round is over ten times its previous funding round which was closed only last year at $2 million, led by Mandiri Capital Indonesia.
Founded in 2014 by Haryanto Tanjo and Grady Laksmono, Moka 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.
Over the last 12 months, the company has also found traction among larger retail and F&B chains. It now serves 12,000 businesses in the food & beverage, retail, and beauty categories, and is close to hitting $1 billion in annual transaction volume.
The new capital, Moka says, will give the company fresh ammunition to speed up product development as it expands its services beyond SMEs to enterprise clients.
“Sequoia India was inspired by Moka’s vision to create a multi-faceted software platform for business operations and payments, and are very excited to work with a stellar founding team to help achieve that vision,” said Shailendra Singh, Managing Director at Sequoia Capital (India) Singapore.
Over the past months, Moka has started engaging in partnerships with other fintech companies to launch both payments and business loans products on the Moka platform, integrating e-payment services with OVO, T-Cash and Akulaku, and has signed partnerships with other e-wallets such as DANA and Kredivo.
It has also Moka has also launched Moka Capital to extend business loans to its merchants through the app, by teaming up with Koinworks, Taralite, and Modalku as its P2P lending partners.
“Beyond a leader in mobile POS, Moka has a great potential to become an offline-to-online gateway for various mobile payments, app and software solution. We believe that the investment will help Moka strengthen its leadership in mobile POS and accelerate its expansion to adjacent businesses.” said Sean Lee, Managing Director at SoftBank Ventures Korea.
In the Indonesian Mpos space, Moka competes with Cashlez, Pawoon and Olsera. Last month this portal reported that Cashlez, which is also backed by Mandiri Capital, is in talks to raise around $5 million for a new funding round.