Jakarta, Indonesia based Xendit has raised USD 64.6 Million in a Series B round on 2nd of March, 2021, led by Silicon Valley heavyweight Accel. The company has raised a total of USD 64.7 Million in funding over 4 rounds.
Investors: The acquisition of USD 64.6 Million was held in a Series B funding round led by Accel and Y combinator along with other investors like convergence ventures, Golden Gate and East Ventures.
What the funding is for: The fresh funding would be utilised to help businesses of all sizes seamlessly process online payment, distribute payroll, manage finances, run marketplace and detect fraud via machine learning.
Founder of the company: Bo Chen, Juan Gonzalez, Moses Lo.
About the company: Xendit is a privately held fintech company that provides payment infrastructure. It aims for easy, fast and simple integration so that businesses can easily accept payments. Its headquarters are located in Asia – Pacific (APAC), Association of Southeast Asian Nations (ASEAN), Southeast Asia. They have a work strength of 100-250 employees.
What the CEO has to say: “The market opportunity is there. One of the world’s most populous counties that is home to more than 270 million people – an estimated 175 Million of which are internet users – Indonesia’s digital economy is expected to reach USD 300 Billion by 2025”.
“Trying to build the businesses of tomorrow on yesterday’s infrastructure is holding Southeast Asia’s businesses back,”
“The global shift toward more digital transactions over the past year led to increased demand for Xendit’s infrastructure and services, according to Wijaya. To meet that demand, the company doubled its employee headcount to over 350 currently.”
“The pandemic also led to Xendit branching out. Prior to 2020, many of the company’s customers were large travel companies. So, the first few months of the year, the start-up’s business was hit hard. But increased demand paved the way for Xendit to expand into new sectors, such as retail, gaming and other digital products.”
“Xendit is also similar in scope to San Francisco based Finix, which aims to make every software company a payments company. Xendit acknowledges the similarities, but notes it is also looking to tackle broader challenges related to accessibility, security and reliability that are unique to Southeast Asia with a deep understanding of the region’s unique geographical and cultural nuances.” — Moses Lo, Co- Founder of Xendit.
What the investors have to say: “Their team’s combination of deep local expertise and global ambitions means they are uniquely positioned to do what no other company could do in the region.”
“The vision of Xendit is a bold one: they are building the digital payments infrastructure for Southeast Asia, and fits squarely into Accel’s global fintech thesis.” — Ryan Sweeney, Partner of Accel.
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