Indonesian POS startup Moka nets $24m from Sequoia, Softbank, and others

The Moka team / Photo credit: Moka

Jakarta-based Moka has just raised US$24 million in series B funding to take its online point-of-sale (POS) system to large enterprise clients.

New investors that joined the round include Sequoia India and Softbank Ventures Korea, as well as EDBI – the investment arm of Singapore’s Economic Development Board – and EV Growth, a series B-focused fund operated by EastVentures, Sinar Mas Digital Ventures, and Yahoo Japan.

Existing investors Convergence, Fenox, and Mandiri Capital also participated.

Moka provides merchants with a POS suite, including both a mobile app that can turn most devices into a payment point and storefront software for cash registers that can order stock, issue invoices, and accept payments from mobile wallets. It also allows merchants to manage their inventories, run analytics, produce revenue reports, and create customer loyalty programs.

The startup has partnered with e-payment services including GrabPay affiliate Ovo, Akulaku, Dana, and T-Cash, as well as “virtual credit card” provider Kredivo, to integrate them as payment options on its POS platform. It has also joined forces with peer-to-peer lenders Koinworks, Modalku, and Taralite to establish Moka Capital in order to provide its merchant-partners with business loans.

While Moka was originally designed with small-scale, manually run “mom-and-pop” businesses in mind, it has increasingly gained clients among larger retail and restaurant chains, too. Much of the series B capital will be directed towards enhancing its offerings for this segment.

The startup claims that it now serves close to 12,000 businesses in the food and beverage, retail, and beauty, and is not far off hitting US$1 billion annual transaction volume.