Fintech Xendit Raises $300 Million in Series D Funding

Xendit, one of the fastest-growing payments infrastructure platforms for Southeast Asia, announced that it has closed US$300 million in Series D funding, taking the total amount raised to US$538 million.

Coatue and Insight Partners co-led the round with additional investment from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kan's Goat Capital.

"We intend to keep reinvesting in new markets, enhancing our Xendit platform, and expanding our business lines so we can seize the biggest and best opportunities,"Moses Lo, Founder and CEO of Xendit, explained."Southeast Asia's digital economy will be worth more than US$360 billion by 2025 and we think we've positioned ourselves well to both drive and benefit from that growth."

Xendit is making strategic investments that serve startups and SMEs in Southeast Asian countries. The company recently invested in Bank Sahabat Sampoerna, a private bank in Indonesia that focuses on micro and SME businesses, as well as banking-as-a-service for technology-enabled businesses.

To complement its expansion into the Philippines, Xendit made a strategic investment into the leading local payment gateway, Dragonpay, doubling down on its commitment to modernizing hyperlocalized payments infrastructure in each market it enters. The company is now one of the largest payments players in the Philippines, overcoming the region's challenging and long-standing reliability and infrastructure hurdles.

"We will continue to deliver access to Xendit's payments products and services to enable more businesses and people in the region to participate in the digital economy,'' Tessa Wijaya Co-founder and COO of Xendit said."Xendit will continue to expand into new markets – like Thailand, Malaysia and Vietnam – where we can identify a need that doesn't exist, similar to what we did in the Philippines. We plan to diversify our products with value-added services, like lending programs we've already started in Indonesia."

Source: Business Wire