Xendit, an Indonesian payments infrastructure firm, said today that it has raised US$150 million in Series C investment led by Tiger Global.
In addition to current backer Accel Partners, additional investors Amasia and Goat Capital (a VC company headed by Justin Kan, co-founder of Twitch) from Singapore and the United States joined in the round.
Following a US$64.6 million Series B investment led by Accel, the company has raised a total of US$238 million since its founding in 2015.
Xendit has joined the ranks of Southeast Asia’s unicorns with this newest acquisition.
The fintech business intends to utilize the additional funds to extend its product line, with a focus on Southeast Asian countries.
Xendit promises to make payments easier for businesses in Indonesia, the Philippines, and Southeast Asia, ranging from SMEs to e-commerce startups to major corporations. It enables them to take payments, pay employees, and manage marketplaces on a simple integration platform with 24/7 customer care.
Businesses may take payments via direct debit, virtual accounts, credit and debit cards, e-wallets, retail locations, and online installments with the Xendit capabilities in place.
Traveloka, Transferwise, Wish, and Grab are just a few of the notable companies served by the business.
Xendit is the first Indonesian startup to be accepted into the Y Combinator accelerator.
With 70% of the area’s 580 million people now online, the startup believes the region provides a particularly attractive background for innovation and disruption. The digital economy in the region will exceed US$100 billion in 2021 and is expected to triple to more than US$300 billion by 2025.
“We see 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,” said CEO and co-founder Moses Lo. “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. What AWS has done for Compute, Xendit is doing for payments.”
“At Xendit, we’ve seen over 200 percent y-o-y increase in total payments volume across Indonesia and the Philippines. We continue our track record of over 10 percent m-o-m growth since our inception,” said Tessa Wijaya, co-founder, and COO, Xendit.