Payments infrastructure firm Xendit secures $150m funding round
Indonesia-based payments infrastructure company Xendit has secured $150 million in Series C funding.
The round was led by Tiger Global with participation from existing investors Accel, Amasia, and Justin Kan’s Goat Capital.
The latest investment will support Xendit’s plans to extend its product suite, as well as moving into new countries across South East Asia.
The company says 70% of the region’s 580 million people are now online. In 2021, its digital economy is expected to exceed $100 billion and is projected to triple to more than $300 billion by 2025.
Moses Lo, co-founder and CEO of Xendit, says: “We’re seeing an incredible shift to digital first. Whether the business is a small Instagram shop or South East Asia’s largest enterprises, it’s now clear that businesses need to have a digital presence.”
Co-founder and COO Tessa Wijaya claims the company has seen more than 200% year-on-year increase in total payments volume across Indonesia and the Philippines.
Its payment solutions are aimed at SMEs and e-commerce start-ups through to large enterprises. Its platform enables businesses to accept payments (direct debit, virtual accounts, credit and debit cards, eWallets, retail outlets, and online instalments), disburse payroll, and run marketplaces.
The company has now raised a total of $238 million since 2015.