Indonesia-based payments infrastructure firm Xendit raises $64.6m
By Leandra Monteiro
Indonesia’s Xendit, a start-up focused on building digital payments infrastructure for the region has raised US$64.6 million in a Series B funding round led by Accel. The funding brings the total amount raised by the Jakarta-based company to $88 million since its 2015.
Xendits API- based technology is used by businesses right from small kiosks to SMBs and large players like Transferwise and Grab to process payments, run marketplaces, disburse payroll, and detect fraud.
It goes to be noted that Y Combinator also participated in the financing. In fact, Xendit is the first Indonesian company to go through Y Combinator’s accelerator program.
The firm claims to be processing more than 65 million transactions with US$6.5 billion in payment value annually. Xendit says it will use the new funding to scale its business, which mainly operates in Indonesia and the Philippines.
Commenting on the funding Moses Lo, CEO, Xendit said, “Southeast Asia is a massively complex region, with Indonesia having 17,000 different islands alone—not to mention the region’s regulatory and technological challenges. Trying to build the businesses of tomorrow on yesterday’s infrastructure is holding Southeast Asia’s businesses back. This latest investment will enable Xendit to scale our digital payments infrastructure quickly and provide millions of small and medium-sized businesses across Southeast Asia with an on-ramp to the digital economy.”
Xendit is a financial technology company that provides payment solutions and simplifies the payment process for businesses in Indonesia, the Philippines and Southeast Asia, from SMEs and e-commerce startups to large enterprises. In 2020, the company saw its customer count increase by 540%. Customers include Traveloka, TransferWise, Wish and Grab, among others. Xendit enables businesses to accept payments, disburse payroll, run marketplaces and more.
The start-up aims to use the newly acquired funds to scale its digital payments infrastructure with the goal of providing millions of small and medium-sized businesses across Southeast Asia with an on-ramp to the digital economy.
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