Exploring Xendit's Plan After Recording Series B Funding Worth 921 Billion Rupiah

A financial technology company that provides solutions simplifying payment processes for businesses, Xendit, plans to focus on building financial transaction infrastructure in Indonesia. To DailySocial, Xendit Co-Founder & CEO Moses Lo expressed his hope that the product ecosystem offered could help shape the next generation of businesses that scalable.

"We want startups, SMEs and other businesses to thrive without having to worry about payment infrastructure, so they can fully concentrate on more important things. We always try to give our best by listening feedback from merchant and try to build a product that fits their needs," said Moses.

In order to present relevant technology, Xendit is currently developing a new product that is claimed to be very attractive and in accordance with the company's goal of building a reliable digital payment infrastructure in Southeast Asia. This strategic step was taken to strengthen the business foundation.

"Our customers trust our payments and have asked us to create new tools that can help them during the pandemic and beyond," said Moses.

Xendit also has plans to build more tools aimed at SMEs to be able to run their business independently online. Including for traders online.

"Our customers have requested financing to bridge their cash flow needs or the following months. We provide capital to our customers who need XenCapital. We are constantly building new products and services to help our customers (both large and small businesses) excel in this new world , both in Indonesia and the Philippines," said Moses.

In the midst of Southeast Asia's rapid digital transformation, Xendit has so far processed more than 65 million transactions with payments of $6,5 billion per year. Asked whether there are plans for future consolidation with relevant parties, Moses emphasized that Xendit is always open to collaboration possibilities to improve services and product innovations.

"Hopefully this step will be able to achieve the company's goal, building the most reliable digital payment infrastructure in Southeast Asia," said Moses.

Besides Xendit, in Indonesia there is also one several payment system providers that can be used by startups or SMEs. One of the most significant is Midtrans, which is now part of the group Gojek. Doku, iPaymu, Finpay, and several other players also offer similar services. With the existing competitive map, product innovation is important in order to provide complementarity for its partners.

Series B funding

To accelerate business growth, Xendit has just completed a series B fundraising worth $64,6 million or equivalent to 921 billion Rupiah. The funding was led by global venture capital firm Accel. Overall, the company has raised a total of $88 million or IDR 1,2 trillion worth of funding.

"We will then use these fresh funds for stairs our digital payments infrastructure quickly and provides millions of small and medium-sized businesses across Southeast Asia with a path to a digital economy," said Moses.

Accel led the funding round with additional support from Y Combinator. Previously, Xendit was the first Indonesian company selected to participate in the Y Combinator accelerator program in 2015 and was named one of the top 100 companies in 2021.

"Xendit has built a modern digital payments infrastructure that is changing the way Southeast Asian businesses transact. The combination of their team of deep understanding of local markets and their ambition to dominate global markets puts them in a strategic position to achieve what other countries can't. other companies in the region," said Accel Partner Ryan Sweeney.