Aditya Hadi Pratama · · 1 min readIndonesia’s Xendit set to acquire 2 local financial firms
Xendit, an Indonesia-based payment gateway startup, is set to acquire two local financial companies, Bisnis reported, citing statements in regulatory filings.
The deal was carried out in two steps, the first being the merger of financial firms Globalindo Multi Finance (GMF) and Emas Persada Finance, with GMF being the surviving entity. The process is expected to conclude on June 3.
After the merger, Xendit will increase its ownership in GMF to 85%.
In a statement to Bisnis, Xendit said that it will disclose details after the process is finished, including the amount of money needed to execute the deal.
The company recently entered the unicorn club after raising US$150 million from Tiger Global, Accel, Amasia, and Goat Capital in September 2021. In total, Xendit has raised around US$238 million since its establishment.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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