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| Xendit has tripled annualized transactions from 65 million to 200 million and increased total payment value from $6.5 billion to $15 billion, making it one of Southeast Asia's fastest-growing fintech companies. |
Following the recent completion of a $300 million Series D investment round, Xendit, one of Southeast Asia's fastest-growing payments infrastructure platforms, announced this commitment, increasing its total cash raised to $538 million. The round was co-led by Coatue and Insight Partners, with participation from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kan's Goat Capital.
"We are ecstatic to use this fresh amount of funding to advance the Philippine digital economy by advancing our existing growth efforts and investing in even more new ventures." "Not only will we focus on launching first-to-market payments solutions and constructing world-class financial infrastructure, but we will also work closely with regulators, create new opportunities for Filipina women in tech, and push the boundaries of fintech innovation," said Yang Yang Zhang, CEO and Managing Director of Xendit Philippines.
Xendit, dubbed the "Stripe of Southeast Asia," democratizes payment solutions for businesses of all sizes, from small businesses to MSMEs, growth-stage startups, and even giant corporations. Xendit, backed by some of Silicon Valley's most notable investors, intends to serve as a beacon to attract more VC attention to the burgeoning Filipino startup industry.
"From a small group of scrappy multi-taskers, our local staff has grown steadily as we service more and more Filipino businesses of all sizes," Ms. Zhang concluded. We're ecstatic to return our funds to the Philippines to help other Filipino entrepreneurs, form collaborations with local communities, and assist regulators in their digitization efforts."
Beyond payments, the mission.
Xendit Philippines will be able to devote greater resources to two critical programs due to this funding: empowering women in technology and supporting non-profit groups that directly assist the local community.
"As a woman who has spent her whole career working in male-dominated tech industry, I am passionate about eliminating the barriers to entry for Filipina women who want to pursue careers in technology." "I'm thrilled that Xendit will be investing directly in making computer education and professional training more accessible for Filipina women worldwide," Yang Yang Zhang, CEO and Managing Director of Xendit Philippines, remarked."
Xendit is always looking for new ways to help local communities, both directly and through empowering others to do likewise. Last year, people collecting donations for Typhoon Odette relief received cheaper rates, faster settlement times, and priority onboarding. It now promises to continue supporting all qualified NGOs and non-profit organizations.
Also Read: Women leaders in tech and finance rally for the Women Future Conference Asia Pacific Agenda.
Putting money back into the Philippines
Since its launch in 2016, Xendit has had rapid development, with revenues increasing by more than 10% month over month globally and 30% month over month in the Philippines alone. Xendit boosted total payment value from $6.5 billion to $15 billion last year, tripling annualized transactions from 65 million to 200 million.
"We believe Xendit is capitalizing on a pivotal opportunity in Southeast Asia," stated Luca Schmid, General Partner at Coatue. "Xendit's strong local understanding, modern tech stack, and customer-centric approach have resulted in a digital payments platform that is assisting in the transformation of how Southeast Asian businesses transact." Coatue is excited to continue working with the Xendit team on their upcoming adventure."
Xendit, on the other hand, is not only focused on its own expansion when it comes to updating the hyperlocalized payments infrastructure for the Philippines. The company is making strategic investments in Southeast Asian startups and SMEs, particularly in the Philippines.
Xendit made a strategic investment in top local payment gateway, Dragonpay, to establish a relationship to overcome significant and long-standing dependability and infrastructure challenges in the Philippines, where it is currently one of the largest payments companies.
Xendit is committed to investing in more local Filipino entrepreneurs that share its philosophy of community-minded growth and scalable, customer-centric solutions, based on the success that both Dragonpay and Xendit have achieved as a consequence of their cooperation over the previous year.
Regional development
Xendit is poised to revolutionize and construct the digital payment infrastructure in other countries of Southeast Asia after establishing itself in the Philippines and Indonesia.
"The Southeast Asian payments infrastructure market is vast, and Xendit is seizing it with its world-class payments technology," said Nikhil Sachdev, Managing Director of Insight Partners. "Xendit is the leading competitor in Southeast Asia thanks to its strong leadership team and good customer feedback, as well as its tremendous traction." Insight is excited to work with the team as they grow their business."
Xendit's competitive difference, with over 3,000 customers, is its intimate awareness of local customer demands mixed with global technology. Xendit can now supply hyper-localized products to help startups scale while also servicing some of Southeast Asia's most prominent merchants, such as GrabPay, Ninja Van, Qoala, Unicef Indonesia, Cashalo, and Shopback.