Data Vantage: SE Asia’s payment firms benefit from surge in transactions

Singapore-headquartered super app Grab reported a record second quarter for its financial services business last week. Total payments volume on its platform ballooned 66% year-on-year to $2.9 billion, while the unit’s adjusted net sales grew 140% to $26 million.

On the back of the accelerated adoption of digital payments, payments integrator Xendit joined the region’s unicorn club after raising $150 million in its Series C round last week. Xendit co-founder and COO Tessa Wijaya said the company has seen a more than 200% year-on-year increase in total payments volume across Indonesia and the Philippines.

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