Indonesian payment gateway set to join unicorn club after upcoming fundraise

Details:

• Xendit reportedly clocked an annualized total payment volume (TPV) of US$7.5 billion in 2020. Some industry sources said the company was nearing rival Midtrans’ annualized TPV of US$11 billion.
• Xendit’s spokesperson declined to comment on the exact TPV numbers but said that the figure had grown by 146% in the first half of 2021. If accurate, this would mean Xendit’s TPV could surpass that of the Gojek-backed Midtrans in the 2021 financial year.

Dive deeper:

• Dubbed as the “Stripe of Southeast Asia,” Xendit told Tech in Asia earlier this year that it processes more than 65 million transactions worth US$6.5 billion annually and has positive unit economics. (Read: How Xendit rose quickly in Southeast Asia’s crowded fintech space)
• In March this year, Xendit has secured US$64.6 million in a series B round led by Accel, a US-based VC. The funding increased the startup’s total capital to US$88 million.