Get New Funding 2,1 Trillion Rupiah, Xendit Wears “Unicorn” Status

Xendit announced the acquisition of series C funding of $150 million or equivalent to 2,1 trillion Rupiah. This round also cemented the company's valuation above $1 billion and made Xendit a startup "unicorns" next in Indonesia.

This investment is led by Tiger Global Management with the participation of a number of investors, namely Accel, Amasia, and Goat Capital. With this fresh funding, Xendit plans to continue to innovate its product range, with the aim of expanding to selected countries in Southeast Asia.

Platform fintech Xendit has also begun to be sold to the Philippines. In order to solidify its debut, the company recently invest in Dragonpay as a local payments startup.

"We are seeing a big shift to digital that almost all businesses, from small shop owners on Instagram, to the largest companies in Indonesia [..] Xendit's digital payments infrastructure allows businesses to receive payments more quickly. fast," said Xendit Founder & CEO Moses Lo.

Previously Xendit had closed the round $64,6 million series B funding in March 2021 and then led by Accel. With this new acquisition, they have raised IDR 3,4 trillion ($238 million) in total since the first round in 2015.

"Xendit recorded a total payment volume increase of more than 200% yoy in Indonesia and the Philippines, continuing our track record of growing more than 10% month-on-month, since inception. Our new status as unicorn will help strengthen the mission that has been our grip from the start," added Xendit Co-Founder & COO Tessa Wijaya.

Beyond fintech

Xendit's main solution is payment gateway, enabling businesses to have a digital payment infrastructure, whether integrated into backend system (e.g. in E-commerce or other services like online travel) or used directly through the applications provided (for example for social commerce).

Realizing the huge potential of MSMEs in Indonesia, Xendit is currently also developing SaaS products to help micro-small businesses digitize business processes, outside of products. fintech pure. Latest, they present product inventory service to make it easier for business owners to synchronize between platforms online for sales.

The additional capital obtained will also be focused on increasing Xendit's penetration into the MSME segment. Various specific features and services will be rolled out, in addition to strengthening the capabilities of existing products such as capital loans, chargeback insurance, to fraud prevention.

"Xendit's digital payments infrastructure, designed specifically for Southeast Asia, is now the new standard for the financial industry in the region. By providing payment gateway reliable and secure, Xendit has paved the way to a digital economy for businesses," said Alex Cook, Tiger Global Management Partner.

On the other hand Xedit also has Instamoney special product, as an API service to help businesses deliver remittance features. Several platforms have used this system, such as Wise and MoneyGram.

Unicorn in Indonesia

Looking at the startup ecosystem in Indonesia today, it seems that in the future we will continue to welcome new generations unicorn. Because, right now Valuable startup centaur the number is already in the tens – while global and local investors are also increasingly eager to inject their funds.

From the data we have, there are currently a total of 10 startups that have been confirmed as unicorn. Several players have the potential to follow in the near future with an ownership valuation of over $500 million, such as SiCepat, Kopi Kenangan, Ruangguruand Akulaku.

* with assumption has completed the merger process then go public via SPAC