Indonesia payments firm Xendit has reeled in $150m from a Series C funding round and has pushed its valuation over the $1bn mark.
The round was led by Tiger Global and also saw participation from Accel, Goat Capital and Amasia.
Founded in 2014, 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. Xendit enables businesses to accept payments, disburse payroll, run marketplaces and more.
Xendit has claimed it intends to use the newly raised capital to continue innovating its product suite, with a focus on expanding into select countries across Southeast Asia.
The Southeast Asia region is an area ripe for disruption, with 70% of the 580 million people living there now online. This year, the region’s digital economy is expected to $100bn and is projected to triple to over $300bn by 2025.
Xendit co-founder and CEO Moses Lo said, “We’re seeing an incredible shift to digital first. Whether the business is a small Instagram shop or Southeast Asia’s largest enterprises, it’s now clear that businesses need to have a digital presence. Xendit’s digital payments infrastructure enables the region’s new class of entrepreneurs to start and scale their payments faster, and supercharges larger companies with modern, world-class financial services. What AWS has done for Compute, Xendit is doing for payments.”
Xendit co-founder and COO Tessa Wijaya added, “At Xendit we’ve seen more than 200 percent year-over-year increase in total payments volume across Indonesia and the Philippines, continuing our track record of more than 10 percent month-over-month growth since our inception.
“Our new status as a unicorn will help strengthen the mission we initially set out to achieve – to provide reliable and secure financial infrastructure to millions of businesses across Southeast Asia, allowing them to grow and thrive in the burgeoning digital economy.”
Earlier this year, collected $64.6m in its Series B round. The capital injection was led by Accel, with support also coming from YCombinator.