Aditya Hadi Pratama · · 2 min readIndonesia’s Xendit secures $300m funding led by Coatue, Insight Partners
Indonesian payment gateway firm Xendit has raised US$300 million in a series D funding round led by investment companies Coatue and Insight Partners, with participation from Accel, Tiger Global, and EV Growth.
The deal pushed the company’s total funding raised to US$538 million.
(From left) Xendit founders Juan Gonzalez, Moses Lo, Tessa Wijaya, and Bo Chen / Photo credit: Xendit
Founded in 2015, Xendit offers a payment gateway service that allows startups and SMEs across the country to process digital payments. It currently has more than 3,000 customers and has since expanded to lending services in Indonesia.
In a statement, the firm said that it has tripled its annualized transactions from 65 million to 200 million over the last year. In the same period, it saw total payment values increase from US$6.5 billion to US$15 billion.
In the past year, Xendit invested in Indonesia-based Bank Sahabat Sampoerna and Philippine payment platform DragonPay. It has also built an online seller community called XensClub to bolster its relationship with business owners.
The company was founded by Moses Lo, Tessa Wijaya, Bo Chen, and Juan Gonzalez. It plans to use the fresh funding to invest in new markets, such as Thailand, Malaysia, and Vietnam, and expand its business lines.
See also: How Xendit rose quickly in Southeast Asia’s crowded fintech space
Other investors in this round include:
- Kleiner Perkins
- Amasia
- Intudo Ventures
- Goat Capital
Editing by Miguel Cordon and Jaclyn Tiu
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