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.