Indonesian mobile POS startup Cashlez raises $5.8 million in IPO

Company plans to purchase IT solution provider with smart card technology

A traditional market is open for business in Jakarta on May 5. Indonesian startup Cashlez went public during the Islamic fasting month of Ramadan and as coronavirus continued to spread worldwide. © Reuters

SARAH YUNIARNI, DealStreetAsia

May 11, 2020 11:54 JST

JAKARTA -- Indonesia-based mobile point-of-sale (mPOS) startup Cashlez Worldwide Indonesia has raised $5.8 million in an IPO.

Cashlez, which provides a mobile point-of-sale system, raised 87.5 billion rupiah ($5.8 million) in its IPO, lower than an initial target of 100 billion rupiah.