Indonesia-based point-of-sale software developer Moka has raised $24m in a series B round backed by SoftBank Ventures Korea, a local investment vehicle for internet and telecommunications conglomerate SoftBank, according to Tech in Asia.
Mandiri Capital, the venture capital arm of financial services firm Bank Mandiri, and EV Growth, a fund backed by internet company Yahoo Japan, conglomerate Sinar Mas’ investment unit Sinar Mas Digital Ventures and VC firm East Ventures, also participated.
Sequoia India, Convergence Ventures, Fenox Venture Capital and EDBI, the investment arm of Singaporean statutory Economic Development Board, filled out the round.
Moka has developed point-of-sale software that can be installed on smartphones and tablets to process payments, order stock and issue invoices. The platform can also be used to manage inventories, generate revenue reports and operate loyalty programs.
The company has integrated the offerings of several e-payment services and virtual credit card providers directly into its platform, and recently launched Moka Capital in partnership with several peer-to-peer lenders to offer business loans.
The funding will allow Moka to enhance its platform’s functionality for large enterprise clients, having initially focused on small corner shops. It claims to have signed up more than 12,000 businesses to date.
Mandiri Capital led a $2m round for Moka in February 2017, with commitments from Convergence Ventures, East Ventures, Fenox and Northstar Group, the latter four having invested in a $1.9m round in 2016 together with Wavemaker Partners.