Indonesian financial technology firm Xendit, which aspires to be the Philippines’ digital financial highway, raised a total of US $88 million funds after its latest US$64.6 million Series B round to expand its regional business.
Overall, Xendit has processed over 65 million transactions with US$6.5 billion in payment value annually.
Venture capital firm Accel led the recent round with added support from YCombinator.
The fund raised will drive Xendit’s expansion across Southeast Asia and accelerate the growth of its recently launched Philippines operations, executives confirmed.
“This latest investment will enable us to scale our digital payments infrastructure quickly and provide millions of small and medium-sized businesses across Southeast Asia with an on-ramp to the digital economy,” announced Moses Lo, CEO and Co-Founder.
“Trying to build the businesses of tomorrow on yesterday’s infrastructure is holding Southeast Asia’s businesses back,” he pointed out.
For this reason, “Southeast Asia needs access to a reliable payments infrastructure of its own,” according to Tessa Wijaya, COO, and Co-Founder.
“Xendit’s platform will supercharge the region’s incredible digital economy, ensuring the next generation of businesses can soar,” she maintained.
From small bazaar to large enterprises, businesses have experienced a long battle to digitize without proper tools for Southeast Asia’s economic nuances.
Now, Xendit provides them all with payment solutions to set up and go to market quickly, including processing payments, running marketplaces, disbursing payroll and loans, and detecting fraud.
Xendit delivers hyper-localized solutions to payment ecosystems as complex and fragmented as Indonesia and now, the Philippines.
“With the support of forward-thinking regulators like the Bangko Sentral ng Pilipinas (BSP), the Philippines has seen widespread adoption of digital payments over the last year,” says Yang Yang Zhang, Managing Director of Xendit Philippines.
“We feel strongly that Xendit is best poised to ensure that all Filipino businesses have easy access to world-class payments infrastructure to help them adapt to this shift in consumer behavior,” he explained.
“We are so excited to play a role in the Filipino economy’s recovery from the COVID pandemic and set the stage for the next inflection point in its growth.”
Last December, Xendit expanded its operations in the Philippines. Its aims to serve as a platform for consumer e-wallets such as Paymaya and GCash.
Xendit’s solutions simplify the payment process for businesses as its system can accept payments from bank accounts, credit and debit cards, eWallets, retail outlets and online installments.