Japan’s Sumitomo leads Series A funding in Indonesian firm Cashlez

Photo: Cashlez Facebook page

Cashlez Worldwide Indonesia (Cashlez) has raised an undisclosed amount in a Series A round of funding led by Japanese diversified conglomerate Sumitomo Corporation.

Its existing investor Mandiri Capital Indonesia also participated in the round. DEALSTREETASIA had first reported this story in February 2019.

Cashlez offers digital payment solution for credit or debit cards payment through a mobile app, which can be connected to a card reader via bluetooth. The transaction is recorded in the system and the details are sent to customers’ email.

In 2017, Cashlez raised $2 million in a seed funding round led by Mandiri Capital Indonesia. The company also received seed funding of an undisclosed sum from local investment firm GAN Capital and several individuals.

Cashlez chief executive Teddy Tee said, the funding will be used to expand its network, build new services and in product development.

“Payments will be an important part of the future. Cashlez provides the mobile point of sales (mPOS) device system that will provide benefits to business owners and customers,” Sumitomo Corporation executive Hajime Terazawa said in a statement.

By the end of 2018, the company will open its office and business operations in Bali to facilitate the Island’s small and medium companies use  non-cash payment transactions.

Cashlez currently has over 3,000 business partners across diverse sectors such as food and beverages, insurance and retail, among others.

Prospective business partners or merchants are able to purchase Cashlez’ card reader device with only 1.7 million rupiah ($120).

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