Indonesian mobile point-of-sale (mPOS) developer Cashlez is in talks with potential investors to raise a fresh funding round of around $5 million, DEALSTREETASIA has learned from sources familiar with the development.
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. Cashlez had then said it will use the funds for expansion, marketing, and general operational activities.
It is understood that the company is currently in discussions with a number of potential new backers – most of them non-VC investors – while existing backers are expected to top up in the upcoming $5-million round.
Cashlez is one of the first Indonesian startups to locally develop a host of payment solutions that include a fully certified card present payment gateway and merchant-centric reporting tools.
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.
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.
The upcoming funding round will give Cashlez additional firepower to fight off increasing competition in the mPOS space from the likes of Olsera, Pawoon and Moka.
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.