Brief: Cashlez raises $2m to expand operations in Indonesia

Mandiri Capital director Eddi Danusaputro (L) with Teddy Tee, co-founder and CEO of Cashlez.

Jakarta-headquartered Cashlez is a mobile point-of-sale startup. Its wireless card reader makes it easier for small and medium businesses to accept different types of card payments.

Competitors: Smartpesa, SoftSpace, GoSwiff

How it compares to competitors: Cashlez says it distributes its solution through partnerships with banks. It’s also developing an integration with ewallets for digital payments. It already accepts Dimo Pay. Additional ewallets, like Go-Pay, are on the way.

Traction

• Since taking up operations in 2016, Cashlez now works with more than 1,000 merchants, mainly in the retail and tourism industry.
• The plan for this year is to distribute around 4,000 card readers to Indonesian businesses.
• As part of the funding, it announced a partnership with Moka, which develops software that lets store owners keep track of orders and payments.

Funding details

Amount raised: US$2 million
Funding stage: Undisclosed
Lead investor: Mandiri Capital
Other investors: Gan Kapital, others
Investment type: Undisclosed
Purpose: Supporting Cashlez’s operational costs, purchasing hardware, marketing
Total disclosed funding to date: US$2 million