Xendit Completes Series D Funding Worth 4,3 Trillion Rupiah
This funding round was led by Coatue and Insight Partners; total equity funding raised so far stands at $538 million
Payments infrastructure development startup Xendit has announced that it has closed a $300 million series D funding round. This investment round was led by Coatue and Insight Partners, with participation from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo and Goat Capital.
This fresh fund adds to the total equity funding Xendit has raised so far to $538 million. This achievement is estimated to soar the company's valuation to more than $2 billion Rupiah. Previously Xendit closed $150 million series C funding last September 2021, managed to bring them to be unicorn next from Indonesia.
“Through this new funding, we are committed to continuing to invest in new markets, develop platforms, and expand business lines in order to maximize existing opportunities. The value of Southeast Asia's digital economy will reach $360 billion by 2025 and we believe Xendit is well positioned to contribute and benefit from this growth," said Xendit Co-founder & CEO Moses Lo.
Present to present the main services in the form of: payment gateway, Xendit makes it easy for startups and MSMEs to process digital payments and scale their business. Xendit has consistently continued its positive performance, with sales increasing by more than 10% month-on-month since its launch in 2016.
Over the past year, the annual number of transactions facilitated by Xendit has tripled, from 3 million to 65 million and increased the total value of payments from $200 billion (equivalent to IDR6,5 trillion) to $95 billion (equivalent to IDR15 trillion). Currently there are about 219 thousand businesses that are clients of Xendit.
Business strategy strengthening
A number of strategy developments have been carried out by Xendit recently. Most recently, they announced their investment in Bank Sahabat Sampoerna and offered services banking-as-a-service (BaaS).
Last March also launched XENSClub, the official community of sellers online Xendit which has many educational programs to help its members develop themselves. Xendit is also making strategic investments in DragonPay, as part of its expansion into the Philippines.
"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 loan programs. that we have run in Indonesia," added Xendit Co-Founder & COO Tessa Wijaya.
To get closer to the MSME segment, since 2021 Xendit has launched a number of product innovations. Among them are SaaS services to help businesses manage product inventory; There are also "Online Store" business application to facilitate activities social commerce.
Even though the service fintech This has great opportunities in the midst of increasingly massive business digitization, but to win the market a platform must have a strong value proposition. In service payment gateway, Xendit went head-to-head with a number of players. Among them is Midtrans, which is currently under the auspices of the GoTo Financial group. There are also DOKU, Xfers (part of Fazz Financial Group), Faspay, Duitku, and several others.