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Aditya Hadi Pratama · · 1 min readFintech unicorn Xendit lays off 5% staff in Indonesia, Philippines
Fintech unicorn Xendit has laid off 5% of its staff in Indonesia and the Philippines due to the “uncertain macroeconomic situation,” the company told Tech in Asia.
Photo credit: Xendit
In a statement, the Indonesia-based firm said that it will give proper compensation to the affected employees, according to local regulations. It will also prolong their health insurance, give them access to psychologists, and help them find new workplaces.
“The decision was based on the business strategy by seeing the future situation and comprehensive consideration to make sure that we are ready to face future opportunities and challenges,” said Tessa Wijaya, the company’s COO.
Founded in 2015, Xendit offers a payment gateway service that allows startups and SMEs to process digital payments. It currently has over 3,000 customers and has since expanded to lending services in Indonesia.
In May this year, the firm raised US$300 million in a series D funding round led by Coatue and Insight Partners. It is also eyeing Malaysia, Thailand, and Vietnam as potential new markets.
See also: New unicorn Xendit, rivals double down on regional play
Editing by Miguel Cordon and Lorenzo Kyle Subido
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The move was done due to the “uncertain macroeconomic situation,” the company told Tech in Asia.
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