Ride hailing and local services platform Gojek has paid $130m to buy Moka, an Indonesia-based payment software provider backed by several corporates, Bloomberg reported yesterday, citing people familiar with the deal.
The deal had been reported by Kontan a week ago, with the economic news provider citing a stock regulatory filing that did not reveal the size of the deal. The company’s investors included telecommunications group SoftBank and financial services firm Bank Mandiri.
Moka produces point-of-sale systems that allow small merchants to receive payment through mobile devices. They can also access sales reports and store takings in a digital wallet.
The company has about 40,000 Indonesian merchants among its client base and aims to increase that figure to 100,000 by the end of 2020. Gojek’s subsidiaries include GoPay, an electronic wallet that allows users to pay for items through their smartphone.
The transaction came after approximately $28m in funding for the company, which pulled in $1.9m from Wavemaker Partners, Convergence Ventures, East Ventures, Fenox Venture Capital and Northstar Group in 2016 before the latter four returned for a $2m round led by Mandiri unit Mandiri Capital the following year.
SoftBank subsidiary SoftBank Ventures Korea led a $24m series B round for Moka in 2018 that included Mandiri Capital and EV Growth, the joint venture between internet company Yahoo Japan, conglomerate Sinar Mas and East Ventures.
The series B round also featured Convergence Ventures, Fenox Venture Capital, Sequoia India and the Singapore government-owned EDBI.
