Fintech unicorn Xendit enters Malaysia, invests in local player Payex

Xendit, an Indonesia-based fintech unicorn, has started offering its payment gateway solutions for SMEs in the Malaysian market.

It concurrently announced an undisclosed investment into Payex, a Bank Negara Malaysia-licensed payment gateway provider.

Xendit founder Moses Lo / Photo credit: Xendit

In a statement, Xendit said that its entry into Malaysia could help more local businesses expand to other Southeast Asian markets. The firm has appointed Jason Siew as its general manager in the country.

With its expansion into Malaysia, the fintech firm is now present in three countries, having been operating in the Philippines since 2020. It is eyeing Thailand and Vietnam as potential new markets.

The development comes after Xendit secured backing from Penjana Kapital, a fund supported by the Malaysian government, through the Dana Penjana Nasional program in 2021. In the same year, Xendit raised a US$150 million series C funding round that put its valuation into unicorn territory.

See also: New unicorn Xendit, rivals double down on regional play

Founded in 2015, Xendit offers a payment gateway service that enables startups and SMEs to process digital payments. It currently has over 3,500 active customers including the likes of Traveloka, Wise, Ninja Van, and Grab.

In May last year, the fintech firm raised US$300 million in a series D funding round led by Coatue and Insight Partners.