Fintech startup Xendit has raised $150 million via a Series C funding round to expand its digital payment infrastructure.
The round, which was led by Tiger Global Management, brings the total funding raised by the startup to $238 million. Existing investors including Accel, Amasia, and Justin Kan’s Goat Capital also participated in this round. Alex Cook from Tiger Global Management referred to the partnership with Xendit by stating:
“Xendit’s digital payments infrastructure, built specifically for Southeast Asia, is quickly becoming the standard for financial operations in the region. By providing a reliable and secure payment gateway, Xendit has created an on-ramp to the digital economy for businesses across the region. We are excited to partner with Xendit as they continue to scale.”
Xendit will use this new funding to boost its efforts on product innovation which it believes will help expand its market over the next few years. Xendit becomes the first Indonesian tech startup to go through YCombinator’s exclusive program and also the top Southeast Asian company on its Top 100 list.
The startup supports businesses across several industries by providing them with payment solutions to achieve simple payment processes. With an easy-to-use integrated platform, businesses can make payments from a variety of methods, disburse payroll, operate the marketplace, and much more. Co-Founder and CEO of Xendit Moses Lo said in this regard:
“We’re seeing an incredible shift to digital-first. Whether the business is a small Instagram shop or Southeast Asia’s largest enterprises, it’s now clear that businesses need to have a digital presence. Xendit’s digital payments infrastructure enables the region’s new class of entrepreneurs to start and scale their payments faster, and supercharges larger companies with modern, world-class financial services. What AWS has done for Compute, Xendit is doing for payments.”
By expanding technological access to businesses and people in Southeast Asia, the fintech startup is looking to completely destroy the barriers preventing infrastructure and reliability to evolve. This approach has allowed Xendit to become a leading startup in the industry, boosting the creation of the next generation of scalable businesses in the region.