Moka, a fintech startup has raised $24 million in Series B round of funding from Sequoia Capital. Several other investors like SoftBank, EDBI, EV Growth and existing investors Mandiri Capital, Convergence, and Fenfox participated in the round. The company plans to use the fresh funds to speed up product development and expand its services beyond SMEs to enterprise clients.
The startup’s software is helping Indonesian retailers digitise their operations, and enable electronic and cashless payment acceptance by leveraging digital payment options like wallets and virtual credit lines.
Sequoia Capital was attracted by Moka’s vision to create a multi-faceted platform for business payments. The venture capital firm is excited to work with a profound founding team and help the startup achieve their vision. Moca was founded by Haryanto Tanjo and Grady Laksmono in 2014. It provides retailers with the tools to start, run and grow their business through its mobile POS platform.
The team has worked hard to become a market leader in the fintech industry. However, there’s a ton of work to be done to reach more clients. With the support from Sequoia India, Tanjo plans to serve merchants better and provide more services that will enhance customer satisfaction.
Moka is beyond leader in mobile POS and has great potential to become an offline-to-online gateway for mobile payments and software solutions. The investment will help the startup strengthen its leadership in mobile POS and accelerate its growth plans to adjacent businesses.
From various loyalty programmes and inventory system to payment acceptance and business loans, the company has grown beyond a mobile POS to become an operating infrastructure for businesses and SMEs. The company is working hard to become a leader in providing end-to-end business ecosystems for merchants.