Indonesia-based Moka said to raise $24m in Series B

Moka, a mobile-based POS system for SMBs, has reportedly raised $24m in its Series B funding round.

Contributions to the round came from Sequoia India, SoftBank Ventures Korea, EDBI, and EV Growth, according to a report by TechCrunch. Existing backers Mandiri Capital, Convergence and Fenox also took part in the round, it said. This investment brings the company total funding efforts to $27.9m.

Indonesia-based Moka is a mobile POS terminal which helps small and medium businesses to process payments. Some of the features provided by the company include a personalised POS interface, mobile payment processing, reporting, inventory management, loyalty programs, employee management, invoicing and customer tracking.

Restaurants can also use the POS terminal for table management, including the ability to assign orders to tables, move customers around and simplify order distribution.

Capital from the round will be used to support the evolution of the platform into an ecosystem, the article stated. Moka is opening its platform to third-party providers, who will be able to use the service to access merchants offering accounting, payroll and HR processes. At first the platform will target businesses helping the SME market in Indonesia.

Alongside this, the company will also use the funds to bolster its payment capabilities, the article said.

There have been a handful of FinTechs to close funding rounds over the past couple of months, with this being the fifth so far. Last month, P2P lending platform KoinWorks raised $15.7m in its Series A round of funding to support the development of new technology and solutions.

Copyright ? 2018 FinTech Global

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