Xendit leads strategic funding to the Philippine payment platform DragonPay. According to Tech in Asia, DragonPay, a payment processing firm based in the Philippines, has acquired an unknown sum in strategic investment from Xendit, an Indonesian payment infrastructure startup, according to its founder Robertson Chiang.
The acquisition was mentioned in passing by Chiang during the fintech event Digital Pilipinas on Thursday, according to the magazine.
The development has been confirmed by Xendit managing director Yang Yang Zhang to Tech In Asia.
DragonPay’s plans for the freshly obtained cash are currently unknown. For further information, we’ve reached out to the company. As soon as we hear from them, we will update this post.
This agreement follows Xendit’s recent partnership with DragonPay and other e-commerce companies to establish an installment payment service.
DragonPay, which was founded in 2010, allows consumers in the United States to make transactions using their preferred online, over-the-counter, or non-bank means. Dragonpay claims to have processed over 100 million transactions and garnered over 14 million unique users as of today.
Y Combinator-backed Xendit began as a peer-to-peer lending platform in 2014 but has now developed into a payments infrastructure firm that allows businesses to take digital payments without having to integrate with individual suppliers. Since then, it has added services like fraud detection, financing, and tax administration to its list of offerings.
Xendit, located in Jakarta, raised $64.6 million in a Series B investment led by Accel Partners in March, bringing the firm’s total funding to $88 million.
According to Wijaya, Xendit is contemplating developing digital payment infrastructure in Southeast Asian nations such as Thailand, Vietnam, Malaysia, and Singapore. Some of its well-known brands are Traveloka, Transferwise, Wish, and Grab.
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