Xendit, the “Stripe of Southeast Asia”, scores US$300M Series D

Xendit, the payments infrastructure unicorn in Indonesia, has closed a US$300 million Series D investment round, co-led by Coatue and Insight Partners.

Accel Partners, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo Ventures, and Justin Kan’s Goat Capital participated.

Tessa Wijaya, Co-Founder and COO of Xendit, said: “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.”

Known as the “Stripe of Southeast Asia”, Xendit is a fintech company that provides payment solutions to simplify the payment process of businesses (SMEs, e-commerce startups and large enterprises) in Southeast Asia.

The firm enables businesses to accept payments, disburse payroll, and run marketplaces on an easy integration platform. Businesses can accept payments from direct debit, virtual accounts, credit and debit cards, eWallets, retail outlets, and online instalments.

Also Read: Xendit bags US$64.6M Series B led by Accel to scale its digital payments service across Southeast Asia

Xendit serves more than 3,000 customers, including Samsung Indonesia, GrabPay, Ninja Van Philippines, Qoala, Unicef Indonesia, Cashalo and Shopback.

Over the last year, Xendit claims to have tripled annualised transactions from 65 million to 200 million and increased total payments value from US$6.5 billion to US$15 billion.

Xendit recently invested in Bank Sahabat Sampoerna, a private bank in Indonesia that focuses on micro and SME businesses. Xendit also made a strategic investment in payment gateway Dragonpay to complement its expansion into the Philippines.

The Series D round follows Xendit’s Series C funding led by Tiger Global last year. The startup was also the first Indonesian tech startup to be accepted into YCombinator.

Southeast Asia is a compelling backdrop for investing, innovation and disruption, with 61 per cent of 670 million people under 35 years old. The next generation of young digital entrepreneurs is quickly moving online. The surge in growth is creating higher living standards and increasing consumer demand, especially in e-commerce, fintech, travel and transportation.

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