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May 20, 2022

Indonesia’s Xendit rakes in $300m to expand into new markets

Indonesian payments infrastructure platform Xendit has secured $300m in Series D funding to support reinvesting in new markets, enhance its platform and expand its business lines.

The round, co-led by Coatue and Insight Partners, takes Xendit’stotal amount raised to date to $538m.

Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kan’s Goat Capital also invested in the round.

Xendit founder and CEO Moses Lo said: “We intend to keep reinvesting in new markets, enhancing our Xendit platform, and expanding our business lines so we can seize the biggest and best opportunities.

“We intend to keep reinvesting in new markets, enhancing our Xendit platform, and expanding our business lines so we can seize the biggest and best opportunities.”

Xendit is making strategic investments that serve startups and SMEs across Southeast Asia. The firm recently backed Indonesian private lender Bank Sahabat Sampoerna which caters to micro and SME businesses, as well as banking-as-a-service (BaaS) for technology-enabled businesses.

It also invested in the Philippines-based payment gateway Dragonpay, following its expansion into the country.

Xendit co-founder and COO Xendit said: “Xendit will continue to expand into new markets – like Thailand, Malaysia and Vietnam – where we can identify a need that doesn’t exist, similar to what we did in the Philippines. We plan to diversify our products with value-added services, like lending programmes we’ve already started in Indonesia.”

In the last year, Xendit’s annualised transactions tripled from 65 million to 200 million while its total payments value jumped from $6.5bn to $15bn.

The firm claims that its sales have increased 10% month-over-month since its inception in 2016.

Coatue general partner Luca Schmid said: “Xendit’s deep local expertise, modern tech stack and customer-centric approach has created a digital payments platform that is helping transform how Southeast Asian businesses transact. Coatue is delighted to partner with the Xendit team for the next phase of their journey.”

Insight Partners managing director Nikhil Sachdev said: “The company’s strong leadership team and excellent customer reviews, coupled with its incredible traction across Southeast Asia, have made Xendit the dominant player in the region. Insight is thrilled to partner with Moses and the team as they scale their operations.”

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