Indonesia’s Moka, a startup that helps SMEs and retailers handle fee and different enterprise operations, has pulled in a $24 million Series B spherical for development.
The funding is led by Sequoia India and Southeast Asia — which recently announced a new $695 million fund — with participation from new backers SoftBank Ventures Korea, EDBI — the company funding arm of Singapore’s Economic Development Board — and EV Growth, the later stage fund from Moka seed investor East Ventures. Existing buyers Mandiri Capital, Convergence and Fenox additionally put into the spherical.
Moka was began 4 years in the past primarily as a point-of-sale (POS) terminal with some fundamental enterprise performance. Today, it claims to work with 12,500 retailers in Indonesia and its providers embrace gross sales stories, stock administration, desk administration, loyalty applications, and extra. Its main areas of focus are retailers within the F&B, attire and providers industries. It fees upwards of IDR 249,000 ($17) monthly for its fundamental service and claims to be near $1 billion in annual transaction quantity from its retail companions.
That’s the corporate’s core providing, a cellular app that turns any Android or iOS gadget right into a point-of-sale terminal, however CEO and co-founder Haryanto Tanjo — who began the agency with CTO Grady Laksmono — stated it harbors bigger objectives.
“Our vision is to be a platform, we want to be an ecosystem,” he advised TechCrunch in an interview.
That’s the place a lot of this new capital can be invested.
Tanjo stated the corporate is opening its platform as much as third-party suppliers, who can use it to succeed in retailers with providers corresponding to accounting, payroll, HR and extra. The focus is initially on native providers that cater to SMEs in Indonesia, however as Moka targets bigger enterprises as shoppers, he stated that it’s going to combine bigger, world options, too.
Moka itself is increasing its capabilities on the fee facet.
Indonesia, the world’s fourth largest nation primarily based on inhabitants and Southeast Asia’s largest financial system, is within the midst of a fintech revolution with quite a few corporations pioneering mobile-based pockets providers geared toward ending the nation’s fixation on cash-based transactions. That’s imply that there are a plethora of choices obtainable as we speak. Tanjo stated Moka is working to help all of them with a purpose to assist its retailers develop their companies and shoppers to have simpler lives.
There are so many wallets right here in Indonesia,” he stated. “There are more than 10 right now and maybe in the next few months there’ll be 15-20, we want to be the platform that works with all of them.”
Already it really works with the likes of OVO, T-Cash and Akulaku, and e-wallets together with DANA and Kredivo. The startup can also be working in one other space of fintech: loans.
As an extension of its platform, it has tied up with SME mortgage corporations who can attain out to Moka companies utilizing its platform. With the service provider’s consent, Moka can present enterprise information — together with income, revenue, and many others — to assist present information to evaluate a mortgage software. That’s necessary as a result of the method is especially difficult in Southeast Asia, the place few organized credit score checking amenities exist — it is sensible that Moka — which has constructed its enterprise round encouraging enterprise development and administration — makes use of the data it has entry to assist its companions.
Tanjo stated the corporate takes an undisclosed reduce of the mortgage in circumstances the place it has efficiently related the 2 events. He stated that he doesn’t count on that to initially change into a significant income stream, however over time he anticipates it would assist its buyer base develop and change into a extra necessary supply of earnings for the startup.
Sequoia India has some expertise in POS startups having backed Pine Labs in India, which recently landed a big $125 million round from PayPal and Singapore sovereign fund Temasek. Still, there are many native gamers throughout varied markets in Southeast Asia, together with StoreHub, which is backed by Temasek subsidiary Vertex Ventures, and Malaysia’s SoftSpace.
While these two opponents have established a presence in a number of markets in Southeast Asia, Tanjo — the Moka CEO — stated there aren’t any plans to enterprise abroad for at the very least the subsequent 12 months.
“We’re still scratching the service,” he stated. “So [it] doesn’t make sense to expand too soon.”