Xendit beefs up Asia financing ops

Amid Southeast Asia’s rapid digital transformation, Xendit is quickly bolstering businesses of all sizes, processing more than 65 million transactions with $6.5 billion in payment value annually

Xendit has jacked up its digital payments business in Southeast Asia to benefit micro, small and medium enterprises (MSME).

The emerging online financing firm raised $64.6 million in a Series B round led by Accel to deliver a more secure and reliable financing platform.

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 $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,” CEO and co-founder Moses Lo said.

“Trying to build the businesses of tomorrow on yesterday’s infrastructure is holding Southeast Asia’s businesses back,” Lo said.

“This latest investment will enable

Xendit to scale our digital payments infrastructure quickly and provide millions of MSME across Southeast Asia with an on-ramp to the digital economy,” he added.

More MSME funding options

The recent round of funding will drive, among other key initiatives, Xendit’s expansion including its recently launched Philippines operations.

The company has always thrived by delivering innovative, hyper-localized solutions to payment ecosystems as complex and fragmented as Indonesia and now the Philippines.

“With the support of forwardthinking regulators like the Bangko Sentral ng Pilipinas, the Philippines has seen widespread adoption of digital payments over the last year,” Xendit Philippines managing director Yang Yang Zhang said.

“We feel strongly that Xendit is best poised to ensure that all Filipino businesses, from enterprises to MSME, have easy access to worldclass payments infrastructure to help them rapidly adapt to this shift in consumer behavior. We are so excited to play a role in the Filipino economy’s recovery from the coronavirus disease (Covid) pandemic and set the stage for the next inflection point in its growth,” he added.

“Xendit has quietly built a modern digital payments infrastructure that’s transformed how Southeast Asian businesses transact,” said Ryan Sweeney, partner at Accel.