Indonesia payments player Xendit raises $150m Series C
Indonesian digital payments infrastructure provider Xendit has raised a $150 million Series C round led by Tiger Global Management at a valuation of around $1 billion.
Accel Partners, Amasia, and Goat Capital also participated. Accel led a $64.4 million Series B earlier this year with support from Y Combinator. Goat was founded by Justin Kan, a former partner at Y Combinator and serial entrepreneur. Total funding comes to $238 million since inception in 2014.
“Xendit’s digital payments infrastructure, built specifically for Southeast Asia, is quickly becoming the standard for financial operations in the region,” Alex Cook, a partner at Tiger, said in a statement. “By providing a reliable and secure payment gateway, Xendit has created an on-ramp to the digital economy for businesses across the region.”
Xendit claims to be the fastest-growing payments infrastructure provider in Southeast Asia, having recorded 10% month-on-month growth since inception and a more than 200% increase in payments volume in the past year. This is attributed to a hyper-localized approach targeting companies of all sizes across Indonesia and the Philippines.
“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,” CEO Moses Lo said.
“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.”
The service allows businesses to accept payments via direct debit, virtual accounts, credit and debit cards, e-wallets, and online installments. There are also products for payroll disbursement and marketplace operation, as well as a 24-hour customer support service. Clients include Traveloka and Grab.
Xendit is also an investor in BukuWarung, a start-up focused on digitizing micro-businesses in Indonesia, especially in tier-two and tier-three cities. BukuWarung raised a $60 million round earlier this year led by US-based Goodwater Capital and Valar Ventures. It has also received investment from Y Combinator and Grab.
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