Xendit Gets Series D Funding Worth IDR 4.3 Trillion
5/21/2022
Financial technology startup Xendit announced a series D funding of US$300 million or Rp. 4.3 trillion.
startup Xendit announced series D funding of US$ 300 million or Rp. 4.3 trillion.
startup Xendit announced series D funding of US$ 300 million or Rp. 4.3 trillion.
Coatue The and Insight Partners, with participation from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo and Goat Capital.
With this additional funding, Xendit has secured a total of US$538 million in funding. Xendit hopes that this funding will strengthen the company's ability to support the growth of the digital economy in Southeast Asia.
Prior to this funding round, Xendit had closed a Series C funding round led by Tiger Global Management in September 2021 of US$150 million. Which makes Xendit the first financial startup with a unicorn status.
"With this new funding, we are committed to continuing to invest in new markets, develop the Xendit platform, and expand our business lines to further empower businesses across the Southeast Asia region," Xendit said on the LindkedIn page, Friday (20/5/2022).
Xendit sees Southeast Asia as a very attractive market for the growth of innovation and disruption, especially since 70 percent of Southeast Asia's 580 million population is now online.
"The value of the digital economy in the region is projected to be more than US$300 billion by 2025," Xendit told the startup.
Following its success in Indonesia, Xendit has entered the Philippine market and within a year has also become one of the largest payment players in the country.
The payment gateway company Xendit is part of the Xendit Group, which oversees other companies such as Instamoney (has a fund transfer license) and Iluma (which operates in the data sector). All companies under the auspices of the Xendit Group work together to provide payment solutions and digital infrastructure for clients.
Meanwhile, Xendit recently expanded its business by officially becoming a minority shareholder in PT Bank Sahabat Sampoerna, or holding 14.96 percent of the shares.
This was done after previously circulating information about the technology-based financial company (fintech) about to acquire 51 percent of Bank Sampoerna's shares.
