Xendit Lays Off Employees Again

Startups payment gateway Xendit has laid off a number of its employees again. The company argued that this step was taken to maximize long-term resilience and increase profitability.

It was not officially stated how many employees were affected by this decision, but according to rumors circulating around 200 employees were laid off in this second wave of layoffs. Previously, the first wave of layoffs had been carried out in October 2022, at that time as many as 5% of Xendit employees were laid off, leaving around 800 more employees.

In an official statement, Managing Director of Xendit Indonesia Mikiko Steven said that this process is difficult, but must be carried out in order to align resources with business strategy, and ensure that Xendit is in the best position to pursue new growth.

"We thank all our team members for their contribution to our success and growth throughout our journey," he said, Monday (22/1).

Mikiko also ensured that balancing the organization and workforce would not impact the company's commitment to empowering clients and building innovative fintech solutions.

"We remain the leading payment gateway in Indonesia and the Philippines, and we hope to build payment infrastructure throughout Southeast Asia," he concluded.

Xendit has been operating since July 2016. Not only in Indonesia, this startup led by Moses Lo has expanded its business to the Philippines (2020) and Malaysia (2023). In Malaysia, Xendit operates through Payex, a similar startup that received a capital injection from Xendit.

Xendit solutions enable businesses to receive payment, run a marketplace and more, through an easy integration platform and supported by 24-hour customer service. Xendit allows businesses to accept payments from direct debit, virtual accounts, credit and debit cards, eWallets, QRIS, retail outlets and online installments.

As a group, Xendit also has business lines outside the payment gateway, namely Bank Sahabat Sampoerna and BPR Nex.

The company last announced series D funding in May 2022. The $300 million round was led by Coatue and Insight Partners, with participation from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Goat Capital.