Indonesia-based payment technology provider Cashlez is planning to raise Rp 100bn ($7.3m) in an initial public offering that would allow diversified conglomerate Sumitomo Corporation to exit, Investor Daily has reported.
Cashlez’s bookbuilding is scheduled for February 24, and it is set to sell 20% of its shares to the public as part of a flotation on the Indonesia Stock Exchange expected to take place in March.
Founded in 2015, Cashlez has developed a mobile point-of-sale tool that facilitates Bluetooth-based payments on smartphones and other devices. Users can also make payments using a QR code as well as its Cashlez Link feature, which is utilised in e-commerce transactions.
The company will use the cash raised in the IPO to buy a fintech company developing a cashless parking space booking app, chief executive Teddy Setiawan Tee said.
Cashlez raised an undisclosed amount of series A funding from Sumitomo and Mandiri Capital, the VC arm of financial services firm Bank Mandiri, in April 2019.
Mandiri Capital had already led Cashlez’s $2m seed round in 2017. Its earliest funding was an investment of undisclosed size by investment management firm Gan Kapital, according to DealStreetAsia.
