Xendit, a Southeast Asia payments platform, has closed on a $300 million funding round, taking its total capital raised by the company to $538 million since its inception in 2016. Coatue and Insight Partners co-led this round with extra investment from Kleiner Perkins, EV Growth, Tiger Global, Accel, Justin Kan’s Goat Capital, and Amasia, Intudo.
In the past year, Xendit tripled annualized transactions from 65 million to 200 million and increased the value of the total payments from $6.5 billion to $15 billion. Moses Lo, founder and CEO of Xendit, said:
“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 $360 billion by 2025, and we think we’ve positioned ourselves well to both drive and benefit from that growth.”
Recently, Xendit invested in Bank Sahabat Sampoerna, a private bank in Indonesia that focuses on micro and SME businesses, together with banking-as-a-service for technology-enabled businesses. To complement its rapid growth and expansion into the Philippines, Xendit made a significant investment in the local payment gateway, Dragonpay.
Co-founder and COO of Xendit, Tessa Wijaya, commented:
“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 programs we’ve already started in Indonesia.”