Home Market Analysis Indonesian Unicorn Xendit Bags $300 Million In Series D Funding

Indonesian Unicorn Xendit Bags $300 Million In Series D Funding

by WOOWinvest
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Indonesian Unicorn Xendit Bags $300 Million In Series D Funding


Digital payments platform Xendit said Thursday it has raised $300 million in a Series D round led by Coatue and Insight Partners, bringing its total raised to $538 million.

Other investors in the round include Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo and Justin Kan’s Goat Capital, the Jakarta-based company said. Xendit’s valuation was not disclosed. In its last funding round in September, the company raised $150 million at a $1 billion valuation, making it a unicorn.

Moses Lo, co-founder and CEO of Xendit, in a statement.

Founded in 2016, the company currently has more than 3,000 customers. Xendit said its annual transaction volume tripled from last year, from 65 million to 200 million. The total value of the deal also jumped from $6.5 billion to $15 billion. Some of its clients are Traveloka, Transferwise and Grab.

Luca Schmid, general partner at Coatue, said: “Payments are an essential part of any online business and we believe Xendit can capture this golden opportunity in Southeast Asia.”

Xendit provides businesses in Southeast Asia with a digital payments platform that enables them to receive payments from direct debit, virtual accounts, credit and debit cards, e-wallets, QRIS, retail stores and online instalments.

It has also been investing in banks and other payments startups for the past two years. Just last month, Xendit announced an investment in Bank Sahabat Sampoerna, and last year it invested in DragonPay as part of its expansion into the Philippines.

Tessa Wijaya, co-founder and COO of Xendit, said: “Xendit will continue to expand into new areas such as Thailand, Malaysia and Vietnam where we can identify the needs of businesses and provide the right payment infrastructure solutions.”

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