Indonesian unicorn Xendit raises $300m Series D led by Coatue, Insight Partners

Xendit co-founders. (Photo courtesy of Xendit)

Indonesian digital payments platform Xendit has raised $300 million in a Series D funding round led by global investors Coatue Management and Insight Partners, the company said in a statement late on Thursday.

The round was joined by Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kan’s Goat Capital.

The announcement confirms a DealStreetAsia report on the fundraising talks in February. The report added that the latest financing would triple Xendit’s valuation to around $3 billion.

Xendit declined to comment on its valuation.

“With this new funding, we are committed to continuing to invest in new markets, develop the Xendit platform, and expand our business lines so that we can maximise the opportunities that arise,” Moses Lo, Xendit co-founder and CEO, said.

Lo said the value of Southeast Asia’s digital economy will reach $360 billion by 2025 and Xendit is well-positioned to contribute to, and benefit from, such growth.

Luca Schmid, Coatue’s general partner, said he believes that Xendit is able to seize such an opportunity in the region on the back of its deep local knowledge and technology.

The US-based Coatue Management has been active in Asia lately. It joined a $50 million funding round in Singapore-based voice artificial intelligence company AI Rudder in March. In September last year, it led a $30 million funding round in another Singapore-based company Supabase.

Insight Partners is also familiar with the region, having invested in data collaboration software providers Atlan and Spenmo.

Xendit — one of the seven Indonesian unicorns minted in 2021 — aims to expand its services to Thailand, Malaysia, and Vietnam, according to the statement. “Xendit will continue to expand into new areas – such as Thailand, Malaysia, and Vietnam – where we can identify the needs of businesses there and provide the right payment infrastructure solutions. We also plan to provide a wider and varied service, such as the loan program that we have run in Indonesia,” Tessa Wijaya, co-founder and COO, said in the statement.

The startup entered the unicorn club following a $150 million Series C round that Tiger Global Management led in September last year. Similar to its Series D round, Amasia, Justin Kan’s Goat Capital, and Accel also participated in the round.

Xendit’s unicorn status was a pleasant surprise for the Indonesian tech scene as it was considered less known to the public due to the nature of its behind-the-scenes business as a payments gateway.

The startup was among Southeast Asia’s top 20 fundraisers last year. Its Series B and C round totalled $215 million, according to DealStreetAsia DATA VANTAGE’s SE Asia Deal Review: Q4 2021.

Source : DATA VANTAGE

In total, Xendit has amassed $538 million in funding to date.

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