Souteast Asian payments platform Xendit has closed on a $300 million funding round, taking total capital raised by the firm to $538 million since its inception in 2016.
Coatue and Insight Partners co-led the round with additional investment from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kan’s Goat Capital.
Over the last year, Xendit tripled annualised transactions from 65 million to 200 million and increased total payments value from $6.5 billion to $15 billion.
“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,” Moses Lo, founder and CEO of Xendit, says. “Southeast Asia’s digital economy will be worth more than $360 billion by 2025 and we think we’ve positioned ourselves well to both drive and benefit from that growth.”
Xendit recently invested in Bank Sahabat Sampoerna, a private bank in Indonesia that focuses on micro and SME businesses, as well as banking-as-a-service for technology-enabled businesses. To complement its expansion into the Philippines, Xendit made an investment into local payment gateway, Dragonpay.
Tessa Wijaya Co-founder and COO of Xendit comments: “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 programs we’ve already started in Indonesia.”