Xendit, a payments infrastructure company based in Indonesia, announced today it has secured a US$150 million Series C funding led by Tiger Global.
Besides existing backer Accel Partners, new investors Singapore- and US-based Amasia and Goat Capital (a VC firm owned by Justin Kan, co-founder of Twitch) also participated in the round.
This deal follows a US$64.6 million Series B round led by Accel and brings its total fundraise to US$238 million since its inception in 2015.
With the latest deal, Xendit has made to the list of Southeast Asia’s unicorns.
The fintech firm plans to use the new capital to innovate its product suite, sights on expanding into select countries across Southeast Asia.
Xendit aims to simplify the payment process for businesses — from SMEs and e-commerce startups to large enterprises — in Indonesia, the Philippines and Southeast Asia. It enables them to accept payments, disburse payroll, run marketplaces on an easy integration platform supported by 24/7 customer service.
With the Xendit tools in place, businesses can accept payments from direct debit, virtual accounts, credit and debit cards, e-wallets, retail outlets, and online instalments.
The firm serves some of the region’s prominent brands, including Traveloka, Transferwise, Wish, and Grab.
Xendit is the first Indonesian startup to graduate from YCombinator.
According to the startup, the region presents a particularly compelling backdrop for innovation and disruption, with 70 per cent of the region’s 580 million people now online. In 2021, the region’s digital economy will exceed US$100 billion and is projected to triple to more than US$300 billion by 2025.
“We see an incredible shift to digital-first. Whether the business is a small Instagram shop or Southeast Asia’s largest enterprises, it’s now clear that businesses need to have a digital presence,” said CEO and co-founder Moses Lo. “Xendit’s digital payments infrastructure enables the region’s new class of entrepreneurs to start and scale their payments faster and supercharges larger companies with modern, world-class financial services. What AWS has done for Compute, Xendit is doing for payments.”
“At Xendit, we’ve seen more than 200 per cent y-o-y increase in total payments volume across Indonesia and the Philippines. We continue our track record of more than 10 per cent m-o-m growth since our inception,” said Tessa Wijaya, co-founder and COO, Xendit.
Image Credit: Xendit
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