Indonesian fintech startup Xendit joins unicorn club

Indonesian financial technology (fintech) startup Xendit announced raising $150 million in its Series C funding round that catapulted the company to a short list of Southeast Asian unicorns.

The funding round was led by US-based investor Tiger Global Management, with participation from existing investors Accel, Amasia, and Justin Kan’s Goat Capital, according to the announcement.

Xendit provides payment solutions and simplifies the payment process for businesses in Indonesia, the Philippines, and Southeast Asia, from SMEs and e-commerce startups to large enterprises.

The fresh funding will be used to continue innovating product suite, with sights on expansion into select countries across Southeast Asia, according to the company. Following its success in Indonesia, Xendit entered the Philippines and – within a year – has become one of the largest payments players in the country.

Southeast Asia represents a particularly compelling backdrop for innovation and disruption, with 79% of the region’s 580 million people now online. This year, the region’s digital economy is expected to exceed $100 billion.

“We are seeing an incredible shift to digital first. Whether the business is a small Instagram shop or Southeast Asia’s largest enterprises, it’s now clear that businesses need to have a digital presence,” said Moses Lo, co-founder and CEO of Xendit.

The latest funding round comes six months after Xendit raised a Series B round led by Accel. The company has now raised a total of $238 million since 2015. Xendit was also the first Indonesian tech startup to pass through the acclaimed incubator YCombinator and is the top Southeast Asian company on the YC Top 100 list.

“Xendit’s digital payments infrastructure, built specifically for Southeast Asia, is quickly becoming the standard for financial operations in the region,” said Alex Cook, Partner, Tiger Global Management.

“By providing a reliable and secure payment gateway, Xendit has created an on-ramp to the digital economy for businesses across the region. We are excited to partner with Xendit as they continue to scale.”