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Indonesian financial technology company Xendit has reportedly secured USD 150 million during a Series C funding round which was led by Tiger Global. Other investors that participated in the latest fundraising included Justin Kan’s Goat Capital, Amasia, and Accel Ventures.
Xendit, now joining the list of Southeast Asian unicorns, intends to use the fresh funds to continue innovating its product suite as well as expanding its reach in the region.
For those unaware, Xendit specializes in offering payment solutions and simplifies the overall payment process for businesses in the Philippines, Indonesia, and Southeast Asia. The fintech firm allows businesses to accept payments, run marketplaces, and disburse payroll among others, through an easy integration platform with 24/7 customer support.
The company also enables businesses to accept payments from virtual accounts, credit cards, eWallets, online installments, and other retail outlets.
The co-founder and CEO Moses Lo was quoted saying that the businesses have been showing significant interest in having a digital presence. The company’s advanced digital payments infrastructure will allow for a new class of entrepreneurs in the region to start as well as scale their payments faster.
Xendit has already managed to develop first-in-market products, offer advanced customer service, and swiftly adapt to the highly fragmented region.
Tessa Wijaya, the COO at Xendit mentioned that the newly acquired unicorn status will reinforce the company’s mission to offer reliable and secure payment infrastructure to Southeast Asian businesses, further enabling them to thrive in the expanding digital economy.
Southeast Asia has shown a compelling backdrop for disruption and innovation in the recent past, with around 70% of the region's population now online. If market speculations are right, Southeast Asia’s digital economy is likely to surpass USD 100 billion and will reach USD 300 billion by the year 2025.
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