Xendit, an Indonesia-based digital payment infrastructure, announced on Wednesday it secured $64.6 million through its Series B investment round, which was led by Accel with participation from YCombinator. Founded in 2014, Xendit is a fintech that 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.
“Xendit enables businesses to accept payments, disburse payroll, run marketplaces and more. The platform is known for its speed (fast integration, builds), simplicity (easy integrations, pricing), and world-class 24/7 customer support. Amidst the fragmented payment landscape in Southeast Asia, Xendit enables businesses to accept payments from direct debit, virtual accounts, credit and debit cards, eWallets, retail outlets, and online installments.”
With Xendit, businesses can access:
- The most reliable payment solution for Indonesia, the Philippines, and Southeast Asia
- Best-in-class fraud detection with a privacy-forward approach
- API deploying in days rather than months
- 24/7 customer service
Speaking about the investment round, Moses Lo, CEO and Co-Founder at Xendit, stated that the funds will enable Xendit to scale its digital payments infrastructure to provide millions of small and medium-sized businesses across Southeast Asia with an on-ramp to the digital economy. Tessa Wijaya, COO and Co-Founder at Xendit, added:
“With more than 170 million Indonesians online and a rapidly growing middle class, Indonesia’s digital economy is on track to quadruple by 2025. Southeast Asia needs access to a reliable payments infrastructure of its own. Xendit’s platform will supercharge the region’s incredible digital economy, ensuring the next generation of businesses can soar.”