Indonesia-based financial technology company, Xendit has become one of the most valuable fintech companies in Southeast Asia after the platform raised $300 million in its Series D funding round. To date, the payments infrastructure firm has raised a total of $538 million.
Coatue and Insight Partners co-led the investment round. Prominent investors like Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo and Justin Kan’s Goat Capital also participated in the investment round.
Xendit’s annualized transactions have increased significantly in the past 12 months. In addition, the company’s total payments value has jumped from $6.5 billion to $15 billion. Xendit is known as the 'Stripe of Southeast Asia'.
“We intend to keep reinvesting in new markets, enhancing our Xendit platform, and expanding our business lines, so we can seize the biggest and best opportunities,” Moses Lo, the Founder and CEO of Xendit, explained. “Southeast Asia’s digital economy will be worth more than US$360 billion by 2025, and we think we’ve positioned ourselves well to both drive and benefit from that growth.”
Payments
Within the fintech ecosystem of Southeast Asia, the payment sector remained the fastest-growing sector after the pandemic. Luca Schmid, General Partner at Coatue, called payments a crucial component for online businesses. Schmid added that Xendit has the potential to transform business transactions in Southeast Asia.
“We will continue to deliver access to Xendit’s payments products and services to enable more businesses and people in the region to participate in the digital economy,” Tessa Wijaya, the Co-Founder and COO of Xendit, said. “Xendit will continue to expand into new markets, like Thailand, Malaysia and Vietnam, where we can identify a need that doesn’t exist, similar to what we did in the Philippines. We plan to diversify our products with value-added services, like lending programs we’ve already started in Indonesia.”
