Heaptalk, Jakarta — A payment gateway startup, Xendit, has rebalanced the organization by terminating employee relations, aiming to maximize the company’s long-term resilience and supporting its focus on increasing profitability.
The company refused to reveal the total number of employees affected, but the rumors claimed that around 200 employees were impacted in this second wave of layoffs. Before this new restructuring move, Xendit terminated about 5% in Indonesia and the Philippines as of October 2022.
“We thank all our team members for contributing to our success and growth throughout our journey. This process was difficult, but we felt it necessary to align resources with business strategy, optimize our team’s efficiency, and ensure that we felt best positioned to pursue new growth opportunities.” The Managing Director of Xendit Indonesia, Mikiko Steven, said in a written statement.
In his further statement, Makiko explained the company’s workforce rebalancing will not impact Xendit’s objective of empowering clients and building innovative fintech solutions. The company will continue to amplify payment services in the archipelago and the Philippines and expects to build payment infrastructure throughout Southeast Asia.
Established in 2016, this payment gateway platform allowed businesses to accept payments and operate a marketplace through an easy integration platform supported by 24-hour customer service. This service enables companies to receive payment from direct debit, virtual accounts, credit and debit cards, e-wallets, QRIS, retail outlets, and online installments.
Xendit has processed over 200 million digital payment transactions in Indonesia, with a total transaction volume value of over US$20 million throughout 2022. This output increased by 30% compared to 2021. Further, this platform has active merchants of up to 3,500 entrepreneurs, with about 70% of SME merchants and 30% of enterprises.
This company seized the ranks of the top 10 companies in Asia Pacific after raising Series D funding worth US$300 led by Coatue and Insight Partners, with total funding reaching US$538 million in May 2022. Another investor, spanning Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo Ventures, and Goat Capital, also backed this investment.
