Indonesian fintech firm Xendit invests in Philippines-based payment platform

DragonPay, a payment platform headquartered in the Philippines, received strategic funding from Jakarta-based fintech firm Xendit.

Photo credit: Xendit

The investment was mentioned in a passing statement by DragonPay founder Robertson Chiang at the launch of a virtual fintech event, Digital Pilipinas, on Thursday. However, Xendit managing director Yang Yang Zhang confirmed the development later during the same event.

Financial details about the investment weren’t disclosed. The executives also didn’t discuss how DragonPay plans to use the investment.

Established in 2010, DragonPay’s payment platform allows local users to settle transactions through their preferred online, over-the-counter, or non-bank channels.

Meanwhile, Y Combinator graduate Xendit creates digital payments infrastructure for brands across Southeast Asia like Traveloka, Transferwise, Wish, and Grab.

See also: How Xendit rose quickly in Southeast Asia’s crowded fintech space

“DragonPay gives us access to all of the traditional channels,” said Zhang at the event, noting that Xendit’s regional customers have expressed interest in entering the Philippine market.

In March, Xendit had secured US$64.6 million in a series B round led by Accel. The startup was looking to use the funds to scale its digital payments infrastructure to small and medium-sized businesses across Indonesia and the Philippines.