Some companies gain wealth by stealing a big portion of market share, but not Moka POS. The Indonesian SaaS (Software as a Service) startup are helping other business instead. It offers a cashier app to improve food, retail and service industries.
How Moka helps other business
Inspired by a similar app in America, Haryanto Tanjo and Gady Laksmono founded their company in 2014. Within two years, it processed ten million transaction worth $1 million per year. The number then multiples to 50 million transaction worth $600 million in 2018.
The name Moka is an abbreviation from “Mobile Kasir (Cashier)”. But the software is not just a cashier software. Customers can use it to manage supplies, making monthly report, and make loyalty programs. Its’ multi-ability gained the company 12.000 merchant users in 200 different cities across Indonesia.
Moka also secures many partnerships with other startups in the country. Most are cashless payment startups such as OVO, Kredivo, AkuLaku and Dana. With that, the company help encourages customers to use cashless payment systems.
Big money and bigger future
The company is growing even bigger with its’ massive fund. In 2018, it raised $24 million on its Series B funding round. Sequoia Capital India and Softbank Ventures Korea led the funding. Moka representative said that the money will be used to fasten product development.
The massive funding puts Haryanto Tanjo in Forbes’ 30 Under 30 Asia. His profile is listed on the Big Money, as he raised more than $10 million in his 28 year of age.
Not just stopping in Indonesia, the company is expanding to other countries as well. It is now available in Singapore and India. And it also expands its services too.
With Moka Capital, it aims to launch a capital loan for small business. For it, the company secures some partnerships with other P2P lending startups. It partners include KoinWorks, Taralite and Modalku.