Xendit office / Photo credit: Xendit
Miguel Cordon also contributed to this story.
Indonesia-based Xendit has conducted a round of layoffs that affected a “small number” of employees from its product team.
“Recently we restructured our product and engineering teams to ensure faster delivery of product, change how silos interact, and lower the amount of communication overhead,” the fintech unicorn said in a statement shared with Tech in Asia.
Xendit said the move has less to do with revenue or cost reduction and more about increasing the speed of its software development life cycle and generating “accountability within engineering processes.”
The firm laid off 5% of its staff in Indonesia and the Philippines in 2022 due to “uncertain macroeconomic conditions,” a representative told Tech in Asia at the time.
Founded in 2015 by Juan Gonzalez, Moses Lo, Tessa Wijaya, and Bo Chen, Xendit offers a payment gateway service that enables startups and SMEs to process digital payments. Well-known Southeast Asian firms including Traveloka, Ninja Van, and Grab are among its clients.
Most recently, Xendit raised US$300 million in its April 2023 series D round led by Coatue and Insight Partners. Earlier this year, the startup expanded to Malaysia, where it also invested in Payex, a local payment gateway provider.
See also: SEA fintech sector hits funding slump in H1 23, but insurtech holds up
Editing by Patrick Arya and Eileen C. Ang
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