UPDATE: Indonesian mPOS startup Cashlez raises IDR 85bn from IPO in May

Cashlez CEO and founder Teddy Tee and a Cashlez mascot introduce the CashlezOne mPOS device. ©Cashlez

Cashlez is the first fintech company to list on the Indonesia Stock Exchange; will spend over 60% of proceeds to acquire payments company in toll road market

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Despite poor market conditions because of the Covid-19 crisis, mobile point-of-sale (mPOS) and digital payment gateway startup Cashlez pressed ahead with its IPO plans, raising IDR 85bn from selling 250m shares at IDR 350 apiece on the Indonesia Stock Exchange (IDX) early this month. The company had originally aimed to raise IDR 100bn in a March listing.Cashlez is the first fintech startup to be publicly listed in Indonesia, debuting on May 4 under the stock ticker “CASH.” The company said 61.31% of the funds raised were used to acquire PT Softorb Technology Indonesia (STI), a company speciali...
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Edited by Suzanne Soh, Bernice Tang

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