Xendit Claims Company Growth Continues to Present Positive Numbers

Financial technology infrastructure service provider Xendit inform a number of achievements and targets to be achieved this year. To DailySocial, COO Tessa Wijaya said, "Until now, we are growing more than 1000% CAGR every year. We think this growth is very healthy considering the economic development and digital payment industry in Indonesia. We are confident that we can maintain this positive trend every year."

This year the company has added several new partnerships, both with various types of startups and partners from various parties. Xendit claims the payment solution it presents, after multiple times pivot, is currently in accordance with market needs and in accordance with the existing infrastructure in Indonesia today.

"Basically every business that has the potential to sell goods and services digitally is our target market. These types of businesses are e-commerce [players] such as Tiket, Moka POS, BookMyShow, Style Theory, Lemonilo and various SMEs which are one of the one of Xendit's main target markets," said Tessa.

The company itself said it would not raise new funds in the near future. However, he does not deny that fresh funds can support the implementation of a startup business development strategy. Xendit also did not rule out the potential for expansion to neighboring countries.

"We have ambitions to become the best digital payment solution business partner. Of course this will be supported by the development of products that can meet the needs of customers product market fit which continues to evolve and become a supporter for advancing payment system infrastructure in Indonesia," said Tessa.

Some of Xendit's closest competitors include Midtrans and Doku.

Making digital payments easy

According to Tessa, the startup industry ecosystem in Indonesia is still in its early stages of development. The focus of startup industry players in Indonesia is currently still on the competitive B2C market. It is claimed that there are not many types of businesses that have touched the B2B and open API based like Xendit.

The low level of information disclosure is also a concern for the company. Startup communities in Asia, including Indonesia, tend to be more closed in sharing knowledge, especially about ideas, experiences and business strategies. While in developed countries, knowledge sharing carried out in a very open manner so as to trigger significant industrial development.

"Xendit wants to be a pioneer in the disclosure of information. This can be seen from the opening of design access open API based Xendit products for the public at website us and the forum is open for our customers to exchange related ideas for our startup customers," said Tessa.

About strategy burn rate which has been commonly used by startups to dominate the market, Tessa said that burn rate does not always mean a negative thing. He gave an example of Xendit investing for Indonesia's growth, among others, by recruiting the best technical team to develop world-class payment products and infrastructure.

Burn rate what is currently being done is also part of the research section to find product-market fit best for the Indonesian market, so that customers, including prospective unicorn startups, can focus their attention on developing their respective businesses and can take on the responsibility of transaction processing and digital payment reconciliation.

"This year Xendit wants to focus on transaction convenience, transaction security, and the reliability of the infrastructure system. We believe that if our clients develop, the payment system in Indonesia develops, Xendit will grow with them," said Tessa.