Mandiri Capital-backed Cashlez in talks to raise fresh $5m funding round

Photo: Cashlez Facebook page

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.

Also Read:

Mandiri Capital Indonesia invests $2m in payments startup Cashlez

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Indonesia: Moka gets $2m from in Mandiri Capital-led round

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.

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.