The FinTech startup Xendit, with its headquarters in Indonesia, has begun supplying SMEs in Malaysia with payment gateway solutions.
An undisclosed investment into Payex, a supplier of payment gateways authorised by Bank Negara Malaysia, was also announced at the same time.
In a statement, Xendit said that by entering Malaysia, it may encourage additional regional companies to grow into other Southeast Asian markets. As its general manager in the nation, the company has chosen Jason Siew.
The FinTech company, which has been active in the Philippines since 2020, has now expanded into Malaysia, making it active in three nations. It is keeping an eye on Vietnam and Thailand as possible new markets.
The change happened when Xendit obtained funding from Penjana Kapital, a government-backed fund in Malaysia, under the Dana Penjana Nasional programme in 2021. With a $150 million series C funding round in the same year, Xendit’s valuation reached unicorn status.
Xendit, a 2015 company, provides a payment gateway solution that makes it possible for startups and SMEs to accept electronic payments. There are presently over 3,500 active users on it, including notable brands like Traveloka, Wise, Ninja Van, and Grab.
The FinTech company raised $300 million in a series D fundraising round headed by Coatue and Insight Partners in May of last year.
