Xendit Raises US$64.6 Million Series B Led by Accel to Scale Its Digital Payments Infrastructure Ushering in a New Era of Economic Security and Reliability in Southeast Asia
JAKARTA, INDONESIA--(Business Wire / Korea Newswire) March 04, 2021 -- Xendit, the fastest growing digital payments infrastructure for Southeast Asia, announces it has raised US$64.6 million in a Series B round led by Accel to deliver more secure and reliable economic success in the region. Altogether, the company has raised $88 million in funding. Amid Southeast Asia’s rapid digital transformation, Xendit is quickly bolstering businesses of all sizes, processing more than 65 million transactions with US$6.5 billion in payment value annually.
“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. Trying to build the businesses of tomorrow on yesterday's infrastructure is holding Southeast Asia’s businesses back,” said Moses Lo, CEO and Co-Founder. “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.”
“With more than 170 million Indonesians online and a rapidly growing middle class, Indonesia’s digital economy is on track to quadruple by 2025,” said Tessa Wijaya, COO, and Co-Founder. “Southeast Asia needs access to a reliable payments infrastructure of its own. Xendit’s platform will supercharge the region’s incredible digital economy, ensuring the next generation of businesses can soar.”
Accel led the round with added support from YCombinator. Xendit is the first Indonesian company to go through YCombinator’s accelerator program and was named one of YCombinator’s top 100 companies of 2021. Xendit’s diverse, worldwide team brings localized solutions to a global framework. Both CEO Moses Lo and COO Tessa Wijaya were born and raised in Asia, with a deep understanding of its culture and local nuances. After pursuing higher education in the US, Tessa honed her expertise in Southeast Asia’s market dynamics and regulations. At the same time, Moses gained insight into global tech accessibility and Silicon Valley’s startup ecosystem. Together, Tessa and Moses have joined forces to build Southeast Asia’s next digital economy.
Xendit’s efforts dovetail perfectly with the region’s continued steps towards digitization and financial freedom. The Association of Southeast Asian Nations (ASEAN) joined forces to adopt its Community Vision 2025 to expand financial literacy, enhance connectivity, strengthen regional infrastructure, expand digital payments scope, raise awareness against digital fraud, and prioritize bridging the digital gap.
From Indonesian kiosks (warungs) to SMBs and large enterprises—like Traveloka, Transferwise, Wish, and Grab—businesses have experienced a long battle to digitize without proper tools for Southeast Asia’s economic nuances. Now, Xendit provides them all with payment solutions to set up and deploy commercial initiatives quickly, including processing payments, running marketplaces, disbursing payroll, and detecting fraud. With Xendit, businesses can access:
· The most reliable payment solution for Indonesia, the Philippines, and Southeast Asia
· Best-in-class fraud detection with a privacy-forward approach
· A quick-to-implement API deploying in days rather than months
· World-class 24/7 customer service
“Xendit has quietly built a modern digital payments infrastructure that‘s transformed how Southeast Asian businesses transact,” said Ryan Sweeney, partner at Accel. “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.”
Xendit is a financial technology company that provides payment solutions and simplifies the payment process for businesses in Indonesia, the Philippines and Southeast Asia, from SMBs and e-commerce startups to large enterprises. Xendit enables businesses to accept payments, disburse payroll, run marketplaces and more, that is easy to integrate with and supported by 24/7 customer service. Amidst the fragmented payment landscape in Southeast Asia, Xendit enables businesses to accept payments from direct debit, virtual accounts, credit and debit cards, eWallets, retail outlets, and online installments.
Building the region’s digital payments infrastructure, Xendit is shaping the next generation of scalable businesses across Southeast Asia. Xendit is propelling the region's digital transformation by addressing access, reliability, and regulatory needs enabling more businesses to scale and thrive. As the first-ever Indonesian startup to graduate from YCombinator and backed by global investors and other venture capital firms in the region, Xendit powers some of Southeast Asia’s fastest-growing brands including Traveloka, Transferwise, Wish, and Grab. To learn more, visit xendit.co.
Accel is a global venture capital firm that is the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Atlassian, Braintree, Cloudera, Crowdstrike, DJI, DocuSign, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Jet, Pillpack, Qualtrics, Slack, Spotify, Supercell, Tenable, UiPath, and Venmo are among the companies Accel has backed over the past 35+ years. The firm helps ambitious entrepreneurs build iconic global businesses. For more, visit www.accel.com or www.twitter.com/accel.
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