Xendit, a Jakarta-based fintech startup offering end-to-end online payment solutions for e-commerce startups and small and medium enterprises (SMEs) to large businesses, has secured US$ 150 million in a Series C funding round led by Tiger Global Management on 14 September 2021.
Investors: The latest investment round featured Tiger Global Management as the lead investor with participation from Goat Capital, Amasia, and Accel. The startup has managed to raise, in total, US$ 238 million to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round towards further expansion to offer its product to a more extensive set of audiences. It also seeks to add new services to its platform.
Brought to existence in 2014 by Moses Lo, Tessa Wijaya, Bo Chen, and Juan Gonzalez, Xendit offers a payment infrastructure by processing payments, disbursing payroll and loans, running marketplaces, detecting swindles and aiding other enterprises expand dramatically. The firm primarily concentrates on building a cutting-edge payment platform for the Philippines and Indonesia, with the prime motive to make the payment processes in Indonesia effortless, comprehensible and safe for all to employ. Presently, the company caters to both regional SMEs and Indonesia’s most prominent tech startups and, in addition, tech giants such as Samsung. The firm has witnessed an exponential growth of 25% every month for the past two years, processing millions of transactions monthly.
What the Founder has to say: “Our solution captivated nearly 10,000 SMEs in August to sign-up on our platform. We have seen a big rise in the number of online accounting marketplaces in Indonesia. Our business has expanded to long-established businesses, such as telecom corporations, which are inclined towards setting up retail stores in shopping malls. What separates us from other firms is our approach towards expansion in one market, which is not limited to the sales team. We wish to experience expansion in all aspects.”- Tessa Wijaya, Co-Founder and COO of Xendit.
What the Investor has to say: “Xendit’s online payments infrastructure, structured particularly for Southeast Asia, is rapidly gaining popularity and becoming the standard solution for conducting financial operations by a majority of businesses. Xendit has developed an on-ramp to the digital economy for enterprises in Southeast Asia by offering a trustworthy and safe payment option.”- Alex Cook, Partner at Tiger Global Management.
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