Moka plans to use the recently raised funds to accelerate growth and step up product development.
“There are 60 million SMEs in Indonesia, majority of which are still run manually using pen and paper. We plan to use the new funds to fuel expansion in new cities to make POS and cashless payments accessible to all business owners,” says CEO and Co-founder Haryanto Tanjo.
Launched in early 2015, Moka replaces traditional cash registers with a cloud-based POS system that runs on iOS and Android devices. Moka also enables small businesses to accept credit card payments without going through the long application process at the banks.
Till date, Moka has acquired over 1,000 stores, all of which are paying. It has also expanded its sales team to Bandung, Bali, and Surabaya this year.
“We have merchants coming from the F&B, retail, and service sector. We also plan to use the funds to hire top talents in engineering and develop powerful features to better serve each vertical,” says CTO and Co-founder Grady Laksmono.
Willson Cuaca, Managing Partner of East Ventures, said: “Indonesia SME is one of the key important drivers for the country’s economic growth. Any software that helps the SME indirectly will contribute to the country’s growth. Moka will streamline business processes, increase efficiency and give traditional retail owners better visibility of their business.”