<article><p>Japan&#8217;s Sumitomo Corporation&#8217;s Indonesian subsidiary, PT Summit Auto, is said to be signing a deal with Indonesian fintech company, Cashlez, according to three people aware of the development.</article>

<p>Japan&#8217;s Sumitomo Corporation&#8217;s Indonesian subsidiary, PT Summit Auto, is said to be signing a deal with Indonesian fintech company, Cashlez, according to three people aware of the development.</p>
<p>The deal will see PT Summit Auto and few other investors putting in up to $5 million in the company. The deal is likely to be sealed soon and is in advanced stages of closing transaction formalities, the people quoted above said.</p>
<p>PT Summit Auto could not be reached at the time of filing this article. When contacted, Cashlez declined to offer any comments on the information.</p>
<p>The startup’s existing backers include Mandiri Capital Indonesia, the venture capital arm of state-owned Bank Mandiri, which led a $2-million funding round for the firm last year. That round was joined by Gan Kapital.</p>
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<p>PT Summit Auto Group, headquartered in Jakarta, engages in consulting and investment business.</p>
<p>The upcoming funding round will give Cashlez additional firepower to fend  off increasing competition in the mPOS space from the likes of Olsera, Pawoon and Moka.</p>
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<p>Mandiri Capital, incidentally, is also a backer in Moka, along with a host of other local and regional investors, including Convergence Ventures, East Ventures, Fenox VC and Northstar Group. The startup last raised a $2-million Series A extension round in February last year.</p>
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<p>During the Mandiri Capital round earlier, Cashlez had said that it would use the funds for expansion, marketing, and general operational activities. Cashlez is one of the first Indonesian startups to locally develop a host of payment solutions that include a fully certified card  payment gateway and merchant-centric reporting tools.</p>
<p>Over the past year, Cashlez has received recognition for its business, particularly from the government which selected the company as one of 70 startups invited to its first Next Indonesian Unicorn (Nexticorn) event.</p>
<p>It has also teamed up with Visa in the area of card acceptance by distributing 5,000 mobile point-of-sale (mPOS) devices in a number of popular tourist cities.</p>
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<p>Industry sources also indicate that Cashlez has had discussions with IDX incubator to prepare for a listing on the new accelerated board.</p>
<p>The exchange’s &#8220;accelerated board&#8221; for startups will exempt companies from having independent directors or commissioners, according to media reports. Entrants to the new board will also be exempted from the current requirement that they be profitable at the time of listing.The company is said to have held an early round of discussion with the regulator for the same.</p>
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The startup’s existing backers include Mandiri Capital Indonesia, the VC arm of Bank Mandiri, which led a $2-million funding round for the firm last year.

Sumitomo's Indonesia arm said to invest in fintech startup Cashlez

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Sumitomo's Indonesia arm said to invest in fintech startup Cashlez

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