Indonesia-based digital payments infrastructure startup Xendit secures $64.6 million in a Series B round led by Accel, a global venture capital firm, raising its total funding to $88 million.
YCombinator, a seed money startup accelerator, joined accel in the fresh investments as the startup further expands its reach in Southeast Asia. Xendit is the first Indonesian company to go through YCombinator’s accelerator program.
“Xendit has quietly built a modern digital payments infrastructure that’s transformed how Southeast Asian businesses transact,” said Ryan Sweeney, partner at Accel. “Their team’s combination of deep local expertise and global ambitions means they’re uniquely positioned to do what no other company could do in the region. We’re excited to partner with Moses, Tessa, and the founding team to help take Xendit to the next level.”
Xendit is a Southeast Asian fintech company that provides payment infrastructure for businesses. Founded in 2015, the company is now processing more than 65 million transactions with $6.5 billion in payment value annually. It recently launched its operations in the Philippines.
“With more than 150 million Indonesians online and a rapidly growing middle class, Indonesia’s digital economy is on track to quadruple by 2025,” said Tessa Wijaya, COO, and co-founder. “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.”
Before evolving into a digital payments infrastructure model, Xendit was offering payment to payment services. Realizing the need for a platform that can work with businesses of all types and sizes, the company changed its strategy and transformed it into its current platform.
Among the companies Accel invested in are Crowdstrike, DocuSign, Dropbox, Flipkart, and Slack.