Indonesian payments infra star-tup Xendit has raised $64.6m in a Series B round led by Accel, bringing the firm’s total capital raised to date to $88m.
Xendit intends to use the new fund to enhance its digital payments infrastructure.
The firm is said to process over 65 million transactions in the region with $6.5bn in payment value every year.
Xendit CEO and co-founder Moses Lo said: “Southeast Asia is a massively complex region, with Indonesia having 17,000 different islands alone—not to mention the region’s regulatory and technological challenges.
“This latest investment will enable Xendit to scale our digital payments infrastructure quickly and provide millions of small and medium-sized businesses across Southeast Asia with an on-ramp to the digital economy.”
Xendit COO and co-founder Tessa Wijaya added: “With more than 170 million Indonesians online and a rapidly growing middle class, Indonesia’s digital economy is on track to quadruple by 2025.
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“Xendit’s platform will supercharge the region’s incredible digital economy, ensuring the next generation of businesses can soar.”
The payment solutions offered by Xendit allows SMBs to quickly establish and roll out commercial initiatives. These include capabilities for processing payments, running marketplaces, disbursing payroll, and detecting fraud.
Commenting on the funding round, Accel partner Ryan Sweeney said: “Xendit has quietly built a modern digital payments infrastructure that’s transformed how Southeast Asian businesses transact.
“Their team’s combination of deep local expertise and global ambitions means they’re uniquely positioned to do what no other company could do in the region. We’re excited to partner with Moses, Tessa and the founding team to help take Xendit to the next level.”
Accel led the round with added support from YCombinator, whose accelerator programme was leveraged by Xendit previously.
Earlier this week, Sweden-based BNPL service provider Klarna raised $1bn in an equity funding round to fuel its international expansion plans and capitalise on the global retail growth.