There’s a new entrant in Southeast Asia’s growing list of unicorns. Jakarta-based Xendit, best known for its digital payment infrastructure but also focused on other financial products, announced today it has raised $150 million in Series C funding, bumping its valuation to $1 billion. The round was led by Tiger Global Management, with participation from returning investors Accel, Amasia and Goat Capital, the venture firm co-founded by former Y Combinator partner Justin Kan (in 2015, Xendit became the first Indonesian startup to participate in the accelerator program).
Accel led Xendit’s $64.6 million Series B, announced just six months ago. This new round brings its total funding so far to $238 million. The company was founded in 2015 by chief executive officer Moses Lu and chief operating officer Tessa Wijaya.
At the end of last year, Xendit expanded into the Philippines, and says it is now one of the biggest payment players in the country. In July, it announced a strategic investment in legacy online payments platform Dragonpay.
Xendit decided to raise again because to fuel expansion into other countries, Wijaya told TechCrunch. “Our core focus at the moment for this new fundraise is to further regionalize and to expand our product suite in regions where we are at or will expand into.” The company also plans to launch value-added services.
Wijaya said that Xendit has experienced more than 200% year-over-year increase in total payments volume, and now (Read more...)