Payments software for businesses gets funding from VC arm of Indonesia’s largest bank

Indonesian startup Moka announced today it’s raised a $2m round of financing led by Mandiri Capital. Existing investors Convergence Ventures, East Ventures, Fenox, and Northstar Group also participated.

Moka offers point-of-sales, cash flow management, and a customer relationship management tool for small and medium enterprises (SMEs) It replaces traditional cash registers with a cloud-based software that runs on iOS and Android devices.

It also enables small businesses to accept card payments if they buy Moka’s hardware components, such as a card reader.

CEO and Co-founder Haryanto Tanjo says the new investor, Mandiri Capital, was brought on board as a strategic partner. Mandiri Capital is the VC fund of Bank Mandiri, Indonesia’s largest bank by assets. Moka plans to work with the bank’s SME clients. “They have hundreds of thousands of merchants in their network,” Haryanto says.

Launched in early 2015, Moka says it now has 2,500 paying customers. It’s priced at US$18.76 a month and offers a discounted 1-year plan.

The fresh capital is an extension of the US$1.9 million series A round the startup raised last year.

Moka has several competitors in the archipelago, for example Pawoon, and Olsera.

Converted from Indonesian rupiah. Rate: US$1 = IDR 13,326.