Cashlez Receives Series A Funding from Sumitomo Corporation

Cashlez Receives Series A Funding from Sumitomo Corporation

It is to be used for network expansion, product development and new services
(Le-Ri) Rahmat Bagas (Cashlez's CTO) & Teddy Tee (Cashlez's CEO)
(Le-Ri) Rahmat Bagas (Cashlez's CTO) & Teddy Tee (Cashlez's CEO)

PT Cashlez Worldwide Indonesia (Cashlez) known as mPOS (Mobile Point of Sales) service developer integrated with Indonesia’s payment solution has secured Series A Funding led by Sumitomo Corporation. The previous investor, Mandiri Capital Indonesia also involved in this round.

“We have certain pride to be the first startup in Indonesia that receives funding from Sumitomo Corporation. Along with this support, Cashlez will create more innovations to develop its products and services in order to realize our vision and mission to be the best non-cash payment agregator platform,” Teddy Tee, Cashlez’s CEO said in the funding release.

The latest fund is to expand network, product development and create new feature to facilitate users in running business and to add non-cash payment options in Indonesia.

Regarding the plan, Cashlez is soon to appoint a new management team to contribute in strategy monitoring and and corporate managemant. In addition, they’re expected to provide guidance to all executors for long term evaluation to all shareholders.

“”We’re glad to be Cashlez‘s shareholder. Indonesia is one of the most progressive country to reduce cash flow. We expect payment to take an important role in the future, such as MaaS (Mobility as a Service). Moreover, Cashlez provides mPOS terminal for customers and business players. We do hope Cashlez to be the first unicorn in the payment industry and we’re to keep looking for potential startup for investment,” Suitomo Corporate’s Assistant General Manager, Hajime Terazawa said.

Aside from Java, Cashlez has been expanding to Bali, in 2018. In total, they have 3000 merchants of various backgrounds, such as retails, restaurants, cafes, accommodation, salon, and insurance.

This year, Cashlez may keep making effort to add payment methods. The latest one is they’re reportedly to have partnered up with PT Visionet International to add Ovo’s as their payment options.

Original article is in Indonesian, translated by Kristin Siagian

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