Indonesian Payments Firm Xendit Minted as Unicorn With US$150 Million Fundraise

Indonesian payments firm Xendit is now a unicorn with the closing of its US$150 million Series C funding round.

The round was led by Tiger Global Management with participation from existing investor Accel, Amasia, and Justin Kan’s Goat Capital.

With the latest investment, Xendit said that it plans to continue innovating their product suite, with sights on expansion into select countries across Southeast Asia following its breakthrough in the Philippines.

Xendit had announced in March this year that it had closed a US$64.6 million Series B led by Accel and has raised a total of US$238 million since 2015.

The firm was also reportedly the first Indonesian tech startup to pass through the YCombinator incubator.

Moses Lo

“We’re seeing 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.

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.”

said Moses Lo, Co-Founder and CEO, Xendit.

Tessa Wijaya

“At Xendit we’ve seen more than 200 percent year-over-year increase in total payments volume across Indonesia and the Philippines, continuing our track record of more than 10 percent month-over-month growth since our inception.

Our new status as a unicorn will help strengthen the mission we initially set out to achieve – to provide reliable and secure financial infrastructure to millions of businesses across Southeast Asia, allowing them to grow and thrive in the burgeoning digital economy.”

said Tessa Wijaya, Co-Founder and COO, Xendit.

Featured image: Xendit’s team

Source: https://fintechnews.sg/55479/indonesia/indonesian-payments-firm-xendit-minted-as-unicorn-with-us150-million-fundraise/