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Cashlez Aims for IPO in 2020, Targeting 100 Billion Rupiah Funding

the IPO is said to be used to create a sustain business strategy, including acquisition

Prayogo Ryza - 16 February 2020

Cashlez, known as a payment gateway company, has claimed a significant business growth in 2019. More aggressive, they are promptly to plan an IPO, precisely in March 2020. The schedule has been fixed for public expose at the end of this month.

Quoted from Investor Daily, Cashlez plans to release 20% of shares to the public targeting Rp100 billion funding. One of the post-IPO plans, the company is to acquire a fintech company engaged in non-cash toll transaction transactions and parking management applications.

“The company that we are going to acquire is engaged in the same field, but they are more specific in making non-cash toll transactions or parking applications. They also make vending machines,” Cashlez’ CEO, Teddy Setiawan said.

Partnership with banks and non-bank financial institutions will be managed to improve service quality. Currently, Cashlez already runs with around 6 thousand partners. Their target for this year is to gather 4 thousand new merchants.

Optimism through 2019

Throughout 2019, Cashlez’s total merchant is said to have doubled. The number of transactions grew by 200% and GTV increased by 180% from the previous year. The achievement has exceeded the target.

Furthermore, the rate for card-based payment method has increased by 182%, e-commerce payment is at 180%, digital payments including electronic wallets increased by 60%.

In 2019, the company has received Series A funding from Sumitomo Corporation. They also expand its coverage, up to late 2019 they have operated in Jakarta, Bandung, Surabaya, Yogyakarta, Malang, Bali, Medan, and Makassar. Cashlez is very serious in managing collaboration. In addition to banks, they also partnered with e-money services such as LinkAja, Ovo and GoPay.

IPO is currently being one of the ways for startups to raise funds. There are some local startups had claimed and planning to conduct an IPO. In terms of fintech, KinerjaPay had prior to IPO, Netzme was following the step.

In the payment gateway segment, Cashlez currently in competition with some companies such as Midtrans, Doku, Xendit, Duitku, and others.


Original article is in Indonesian, translated by Kristin Siagian

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