Indonesia-based digital payment platform Xendit has entered the unicorn category after it raised $150 million in a Series C funding round.
Xendit has become the newest entrant in South East Asia’s growing list of unicorns. With this fresh funding led by Tiger Global Management has boosted its valuation to $1 billion. The funding round also saw participation from new investors Amasia, the venture firm, Goal Capital that was co-founded by Justin Kay, former Y Combinator partner, and its existing investor, Accel Partners.
Xendit was the first Indonesian startup to participate in the accelerator program in 2015.
This fresh funding has come after six months when Xendit had raised $64.6 million in a Series B round led by Accel. The FinTech startup plans to use this fresh funding to innovate its product suite and is also looking for expansion in a few select countries in South East Asia.
According to Xendit, the South East Asia region offers a particularly enthralling setting for innovation and disruption with almost 70 percent of the region’s population now online. The regions digital economy will be over $100 billion in 2021 and is expected to grow 3x by 2025.
“Digital economy is a huge opportunity,” according to co-founder & COO Tessa Wijaya. “We really want to be the player to go to. For us, it is about providing anything and everything that a merchant needs to come online.”
Founded in 2014 by Bo Chen, Moses Lo, Juan Gonzalez, and Tessa Wijaya, Xendit provides businesses of all sizes to disburse payrolls, accept payments, and run marketplaces on an easy integration platform that is supported by round the clock customer service.
The FinTech platform aims to simplify the payment process of businesses. It offers its end-to-end digital payment solutions to SMEs, ecommerce startups to large enterprises in the Philippines besides Indonesia.
With Xendit’s platform, businesses can accept payments from credit cards, debit cards, virtual accounts, direct debit, retail outlets, online instalments, and e-wallets.
According to the startup, it is processing over $65 million transactions with $6.5 billion in payment value per year.
Xendit offers its services to some of the known brands including Grab, Wish, Transferwise, and Traveloka.