Moka raises US$24mil in Series B funding | Digital Asia
- To speed up product development to expand services beyond SMEs to enterprise clients
- Moka serves 12,000 businesses; close to hitting US$1 billion in annual transaction volume
The round included new investors SoftBank Ventures Korea, Singapore -based EDBI, EV Growth, as well as existing investors Mandiri Capital, Convergence, and Fenox.
The new capital will give the company fresh ammunition to speed up product development as it expands its services beyond SMEs to enterprise clients.
Moka provides retailers with tools to start, run, and grow their business through its mobile POS, which can be downloaded onto any smart device.
At the storefront, Moka provides a point-of-sale software that allows merchants to take orders, issue invoices and accept payments using a smartphone, iPad or Android tablet.
Business owners can use Moka to create their own loyalty programmes, view profit and revenue reports, generate analytics on their best-selling items and most valuable customers, and manage inventory across multiple outlets.
Moka was founded in 2014 by Haryanto Tanjo and Grady Laksmono to help the legion of SME owners across Indonesia who still run their companies manually and spend hours every day doing administrative work, such as sales and stock reconciliation.
As the company expanded its offerings over the last 12 months, it has also found traction among larger retail and F&B chains which value Moka’s interface, built-in integration with e-payment platform, and the fact there is minimal capital expenditure required to use the system.
Moka now serves 12,000 businesses in the food & beverage, retail, and beauty categories, and is close to hitting US$1 billion in annual transaction volume.
This new investment round marks a vote of confidence in Moka’s product and model, says CEO & co-founder Haryanto.
“We’ve worked hard to become the market leader in the space, and we recognize there is still a ton of work to be done to reach more businesses. With support from Sequoia India and our other investors, we are committed to serve our merchants better and provide more services that will help our merchants to grow.”
To provide a truly end-to-end solution for merchants, Moka has partnered with other fintech companies to launch both payments and business loans products on the Moka platform.
Over the last six months Moka has integrated e-payment services OVO, T-Cash and Akulaku, and has signed partnerships with other e-wallets such as DANA and Kredivo.
These partnerships enable merchants to accept a wide range of mobile payments using the Moka application.
Moka has also launched Moka Capital to extend business loans to its merchants through the app. For this, Moka is partnering with Koinworks, Taralite, and Modalku as its P2P lending partners.
“Moka’s software platform is helping Indonesian retailers digitise their operations, and enable payment acceptance across cash, cards and digital payment options like wallets and virtual credit lines. Sequoia India was inspired by Moka’s vision to create a multi-faceted software platform for business operations and payments, and are very excited to work with a stellar founding team to help achieve that vision,” said Shailendra Singh, managing director at Sequoia Capital (India) Singapore.
“Beyond a leader in mobile POS, Moka has a great potential to become an offline-to-online gateway for various mobile payments, app and software solution. We believe that the investment will help Moka strengthen its leadership in mobile POS and accelerate its expansion to adjacent businesses.” said Sean Lee, managing director at SoftBank Ventures Korea.
“We have grown beyond a mobile point-of-sale to become an operating platform for businesses. From loyalty programmes and inventory systems, to payment acceptance and business loans. We are one step closer in providing an end-to-end business ecosystem for merchants,” explained CTO and co-founder Grady.
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