Xendit Secures $150 Mn Series C Round Led By Tiger Global Management The company plans to use the funds to continue innovating its product suite, with sights on expansion into select countries across Southeast Asia
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Xendit—the payments infrastructure for Southeast Asia—recently announced a $150 million Series C funding round that elevated the company to a shortlist of Southeast Asia unicorns. The round was led by Tiger Global Management with participation from existing investors Accel, Amasia, and Justin Kan's Goat Capital.
With the latest investment, Xendit plans to continue innovating its product suite, with sights on expansion into select countries across Southeast Asia.
"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 Moses Lo, co-founder and chief executive officer, Xendit. "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."
The region presents a particularly compelling backdrop for innovation and disruption, with 70 percent of the region's 580 million people now online. In 2021, the region's digital economy will exceed US$100 billion and is projected to triple to more than US$300 billion by 2025.
"At Xendit we've seen more than 200 percent year-over-year increase in total payments volume across Indonesia and the Philippines, continuing our track record of more than 10 percent month-over-month growth since our inception," stated Tessa Wijaya, co-founder, and chief operating officer, Xendit. "Our new status as a unicorn will help strengthen the mission we initially set out to achieve - to provide reliable and secure financial infrastructure to millions of businesses across Southeast Asia, allowing them to grow and thrive in the burgeoning digital economy."
By building hyper-localized products in a region with over 23,000 islands and a broad diversity of customer needs, Xendit has been able to build first-in-market products, provide unparalleled customer service, and quickly adapt to a dynamic region.
"Xendit's digital payments infrastructure, built specifically for Southeast Asia, is quickly becoming the standard for financial operations in the region," commented Alex Cook, partner, Tiger Global Management. "By providing a reliable and secure payment gateway, Xendit has created an on-ramp to the digital economy for businesses across the region. We are excited to partner with Xendit as they continue to scale."
Xendit is providing a solution to Southeast Asia's specific reliability and infrastructure hurdles by expanding access to technologies that create an equal playing field and enabling businesses and people in the region to scale and thrive. Following their success in Indonesia, Xendit entered the Philippines and - within a year - has become one of the largest payments players in the Philippines.
"Xendit is at the forefront of digital transformation in Southeast Asia, providing businesses of all sizes with much needed and essential digital payments infrastructure," added Ryan Sweeney, partner, Accel. "With this fresh round of funding and a milestone valuation, Xendit has earned the credibility needed for long-term success and is inspiring the next generation of unicorns in Southeast Asia. We believe Xendit will thrive in the region."
Xendit announced in March a Series B led by Accel. The company has now raised a total of $238 million since 2015. Xendit was also the first Indonesian tech startup to pass through the acclaimed incubator Y Combinator and is the top Southeast Asian company on the YC Top 100 list, the company said.
