Indonesian Fintech Unicorn Xendit Raises US$300 Million Series Dby Fintech News Indonesia May 20, 2022
Xendit, an Indonesian payment gateway for businesses, announced that it closed US$300 million in a Series D funding round, bringing its total funds raised to US$538 million.
Coatue and Insight Partners co-led the round with additional investment from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kan’s Goat Capital.
Xendit has been making strategic investments that serve startups and SMEs in Southeast Asian countries.
The company recently invested in Bank Sahabat Sampoerna, a private bank in Indonesia that focuses on MSMEs, as well as banking-as-a-service for technology-enabled businesses.
To complement its expansion into the Philippines, Xendit also made a strategic investment into a local payment gateway, Dragonpay.
This recent fundraise follows Xendit’s US$150 million Series C funding round that minted it as a unicorn in September last year.
Over the last year, Xendit reported that it had tripled annualised transactions from 65 million to 200 million and increased total payments value from US$6.5 billion to US$15 billion.
“We intend to keep reinvesting in new markets, enhancing our Xendit platform, and expanding our business lines so we can seize the biggest and best opportunities.
Southeast Asia’s digital economy will be worth more than US$360 billion by 2025 and we think we’ve positioned ourselves well to both drive and benefit from that growth.”
said Moses Lo, Founder and CEO of Xendit.
“We will continue to deliver access to Xendit’s payments products and services to enable more businesses and people in the region to participate in the digital economy.
Xendit will continue to expand into new markets – like Thailand, Malaysia and Vietnam – where we can identify a need that doesn’t exist, similar to what we did in the Philippines. We plan to diversify our products with value-added services, like lending programmes we’ve already started in Indonesia.”
said Tessa Wijaya, Co-founder and COO of Xendit.