Digital payments infrastructure provider Xendit has nabbed a $150 million Series C that elevates the company to a short list of Southeast Asia unicorns. Businesses from small kiosks (warungs) to SMBs and large players like Transferwise and Grab use Indonesian-based Xendit’s API-based technology to process payments, run marketplaces, disburse payroll, and detect fraud.
The firm, which says it is processing more than 65 million transactions with US$6.5 billion in payment value annually, intends to use use the new funding to scale its business, which mainly operates in Indonesia and the Philippines.
“It’s now clear that businesses need to have a digital presence,” says Moses Lo, co-founder and CEO, Xendit. “Xendit’s digital payments infrastructure enables the region’s new class of entrepreneurs to start and scale their payments faster and supercharges larger companies with modern, world-class financial services. What AWS has done for Compute, Xendit is doing for payments.”
The new financing comes just six months after the firm raised $64.6 million in a Series B led by Accel.
The latest round was led by Tiger Global Management with participation from existing investors Accel, Amasia, and Justin Kan’s Goat Capital.