Indonesia's Xendit aims at Southeast Asia expansion

09:08, 15 September 2021

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Digital payment - Photo: Shutterstock

Indonesia-based payment platform company Xendit aims at Southeast Asia expansion after it netted $150m from its latest funding round.

The Series C funding round was led by Tiger Global Management with participation from existing investors Accel, Amasia, and Goat Capital, Xendit said in a statement on Tuesday.

The latest funding comes just six months after Xendit concluded its Series B fund raising. The company, founded in 2015, has so far raised a total of $238m.

Addressing region’s fragmented payment system

Xendit aims to address the fragmented payment landscape in Southeast Asia, accepting payments from virtual accounts, credit and debit cards, e-wallets, retail outlets, and online instalments. Xendit’s clients range from small digital merchants to major tech-firms such as ride-hailing Grab, Traveloka, and Transferwise.

“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,” said Xendit CEO and co-founder Moses Lo.

“What AWS has done for Compute, Xendit is doing for payments,” he added.

Late last year, the company entered the Philippines, tackling two archipelagic nation in the region. “Xendit’s digital payments infrastructure, built specifically for Southeast Asia, is quickly becoming the standard for financial operations in the region.” Alex Cook, partner at Tiger Global, said.

Read more: Singapore’s Carousell becomes latest Southeast Asian unicorn

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