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Aditya Hadi Pratama · · 1 min readIndonesian payment gateway set to join unicorn club after upcoming fundraise
“Xendit, an Indonesia-based payment gateway service, is finalizing a funding round led by US-based Tiger Global that will catapult its valuation beyond the US$1 billion mark,” The Ken reported, citing two prominent Southeast Asian investors.
Details:
- Xendit reportedly clocked an annualized total payment volume (TPV) of US$7.5 billion in 2020. Some industry sources said the company was nearing rival Midtrans’ annualized TPV of US$11 billion.
- Xendit’s spokesperson declined to comment on the exact TPV numbers but said that the figure had grown by 146% in the first half of 2021. If accurate, this would mean Xendit’s TPV could surpass that of the Gojek-backed Midtrans in the 2021 financial year.
Dive deeper:
- Dubbed as the “Stripe of Southeast Asia,” Xendit told Tech in Asia earlier this year that it processes more than 65 million transactions worth US$6.5 billion annually and has positive unit economics. (Read: How Xendit rose quickly in Southeast Asia’s crowded fintech space)
- In March this year, Xendit has secured US$64.6 million in a series B round led by Accel, a US-based VC. The funding increased the startup’s total capital to US$88 million.
Editing by Collin Furtado and Arpit Nayak
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