Indonesian digital payment platform Xendit has raised $64.6 million in its Series B round led by US venture capital firm Accel with participation from Y Combinator, according to an announcement.
With the current round, Xendit’s total funding to date stands at $88 million.
The corpus raised will help “scale our digital payments infrastructure quickly and provide millions of small and medium-sized businesses across Southeast Asia with an on-ramp to the digital economy,” said Xendit co-founder and CEO Moses Lo.
Founded by Lo and Tessa Wijaya, Xendit is a financial technology company that provides payment solutions and simplifies the payment process for businesses in the Philippines, besides its home market, Indonesia.
Its technology enables SMBs, e-commerce startups and large enterprises to accept payments from direct debit, virtual accounts, credit and debit cards, e-wallets, retail outlets, and even through online installments.
The company was the first in Indonesia to go through YCombinator’s accelerator programme – it claims to have been processing over 65 million transactions with $6.5 billion in payment value annually.
“Southeast Asia needs access to a reliable payments infrastructure of its own. Xendit’s platform will supercharge the region’s incredible digital economy, ensuring the next generation of businesses can soar,” said Wijaya.
Apart from Xendit, other startups that operate in the archipelago’s fintech sector include GoPay and OVO, which provide e-wallet technology, as well as OY and Flip, that use technology to simplify interbank money transfer activities.