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Aditya Hadi Pratama · · 1 min readIndonesia’s Xendit joins unicorn club with $150m fundraise
Xendit, an Indonesia-based payment gateway company, has raised US$150 million in its latest funding round, pushing it into unicorn territory.
More funding details
- Lead investor: Tiger Global Management
- Existing investors: Accel, Amasia, and Goat Capital
- Stage: Series C
More company updates
- The round pushes Xendit’s total amount raised to US$238 million.
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The company will use the new funds to expand to more countries in Southeast Asia and provide more services for small and medium-sized enterprises.
- In a statement, Xendit said that it saw a more than 3x year-on-year increase in total payment volume (TPV) across Indonesia and the Philippines.
- Aside from its payment gateway, Xendit also offers money transfer services through Instamoney and identity verification and fraud detection tools via Iluma.
- Xendit reportedly clocked an annualized TPV of US$7.5 billion in 2020. Some industry sources said the company was nearing rival Midtrans’ annualized TPV of US$11 billion. (Read: Indonesian payment gateway set to join unicorn club after upcoming fundraise)
For more coverage of the company, head here. You can also click on the link below to view key details about the company as well as its funding history.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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