Indonesian fintech startup Xendit becomes unicorn after $150m Series C funding

Photo: Reuters

Indonesian digital payment platform Xendit has become Southeast Asia’s newest unicorn after it raised $150 million in its Series C funding round, according to an announcement.

New York-based investment firm Tiger Global Management, which had previously backed Indonesian fintech startup Payfazz, led the funding round. Existing investors Accel, Amasia, and Justin Kan’s Goat Capital also participated.

The latest funding round, which minted Xendit as a unicorn, a company with a valuation of $1 billion or more, comes six months after the Indonesian fintech firm raised $64.6 million in its Series B round, which was led by Accel.

The company has now raised a total of $238 million since 2015.

Founded by Lo and Tessa Wijaya, Xendit provides payment solutions and simplifies the payment process for businesses in Indonesia, its home market, and the Philippines.

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.

In a statement, Xendit said it will use the fresh funding to continue innovating its product suite and further expand into select countries across Southeast Asia, a region with 580 million people online and whose digital economy is projected to triple to more than $300 billion by 2025 from $100 billion this year.

“We are seeing an incredible shift to digital-first. Whether the business is a small Instagram shop or Southeast Asia’s largest enterprises, it’s now clear that businesses need to have a digital presence,” said Moses Lo, co-founder and CEO, Xendit.

Xendit co-founder and COO Tessa Wijaya said the company has seen more than 200% year-on-year increase in total payments volume across Indonesia and the Philippines.

“Our new status as a unicorn will help strengthen the mission we initially set out to achieve – to provide reliable and secure financial infrastructure to millions of businesses across Southeast Asia,” she added.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.