Heaptalk, Jakarta – Xendit, Jakarta-based fintech startup, announced its success in seizing the fresh funding worth US$150 million in a Series C investment round. The attainment is claimed ramped up Xendit’s valuation to US$1 Billion and has brought this digital payment infrastructure company to be listed in Southeast Asia’s unicorn array. This lofty capital amount was landed by Tiger Global Management, where the source of funding is backed by its existing investors spanning Accel, Amasia, and Goat Capital – the venture company that is owned by Y Combinator partner Justin Kan.
“Xendit has banked series C funding that leads our startup to be first Indonesia’s unicorn in payment gateway B2B industry,” Founder and CEO of Xendit Moses Lo said in a statement. (14/09)
This new financial support, in the plan, is set to produce multiple innovations to their product lists in favor of achieving its goal, namely aggressively expands the business to several selected areas in Southeast Asia. Bolstering its business penetration in Southeast Asia is performed due to the potential digital economy owned by the region. In 2021, it is reported that the area’s digital economy has reached US$100 billion, and the forecast said it will increase by three times to over US$300 billion in 2025.
“Our core focus at the moment for this new fundraise is to further regionalize and to expand our product suite in regions where we are at or will expand into.” Xendit Chief Operating Officer Tessa Wijaya as cited in TechCrunch. (14/09)
In expanding business, Xendit will apply the most appropriate strategies that are designed in line with the problem before each market. The Firm stated that problems that appear in every market are unique so that the solution can be different in a particular place. As the examples, in Indonesia, the problem is the difficulties towards disbursements and marketplace refunds, while in the Philippines, “the real problem was accepting money,” stated Tessa Wijaya.
Xendit is a financial technology delivering payment solutions and simplify the payment process for entrepreneurs in Indonesia, the Philippines, and other countries in Southeast Asia. By the services provided, Xendit enables its users to receive payment from virtual accounts, credit and debit cards, e-Wallet, retail merchants, buy now pay later, and online installments.
Further, in running its business, the Firm established in 2015 has targeted broad user segments, starting from SMEs, e-commerce startups, and giant companies as well. Several gigantic companies, such as Traveloka, Wise, Wish, and Grab, are listed in their portfolio, proven their excellent work in the field. On the side of its business trajectory, the payment gateway company voiced that its total payment volume (TPV) has hit US$9 billion processed per annum, rose by over 200% year-on-year (yoy).
Prior to this fundraising, Xendit has netted US$64.4 million in series B six months ago, led by Accel. In just six months, the first Indonesian startup that participated in Y Combinator accelerator program surprised the public with its latest funding news that led the Entity to bag total capital support of US$238 million.
