Xendit Startup Receives IDR 900 Billion Funding from Accel
A startup company engaged in financial technology, Xendit received fresh funds of US$ 64.6 million or the equivalent of IDR 924 billion in Series B funding led by global venture capital firm Accel. To date, they have processed more than 65 million transactions with payments of US$ 6.5 billion or around IDR 93 trillion per year.
“Southeast Asia is a very complex region, especially if we look at the Indonesian archipelago which has 17 thousand different islands, and has to deal with regulations and technology in the region which are quite challenging,” said Xendit CEO and Co-Founder, Moses Lo in a statement. official, quoted Tuesday 9 March 2021.
This latest investment enables Xendit to rapidly scale-up digital payments infrastructure development, and provide opportunities for millions of small and medium enterprises across Southeast Asia.
Xendit Will Help Boost Southeast Asia’s Digital Economy Growth
Tessa Wijaya, COO, and Co-Founder said, with more than 150 million Indonesians who are digitally adapted and a rapidly growing middle class, Indonesia’s digital economy will quadruple by 2025.
“This region (Southeast Asia) needs access to its own reliable payment infrastructure. The Xendit platform will help boost the growth of the region’s digital economy and ensure the next generation of business people can thrive. “
This Facebook’s investor led the round with additional support from YCombinator. Meanwhile, Xendit was the first Indonesian company selected to participate in the YCombinator accelerator program 6 years ago and was named one of YCombinator’s top 100 companies in 2021.
The multicultural Xendit team can present solutions tailored to local culture to the global realm. Xendit’s efforts are considered to be very suitable for the sustainable steps of the Southeast Asian region towards digitalization and financial freedom.
The Association of Southeast Asian Nations (ASEAN) joins forces to adopt a Community Vision 2025 to expand financial literacy, improve connectivity, strengthen regional infrastructure, expand the scope of digital payments, raise awareness of digital fraud, and prioritize bridging the digital divide.
And today, Xendit is here to provide payment solutions so that businesses can quickly prepare and implement commercial initiatives, including processing payments, running markets, cashing out payroll and loans, and detecting fraud.
Developing Services to Support Business Players in Indonesia
Xendit, a financial technology company that provides payment solutions, is committed to continuing to develop services and products to provide the best support for business players in Indonesia, especially those who have become Xendit merchants.
After operating for nearly six years, for the first time, Xendit held a Merchant Appreciation Day event, Friday (5/3/2021) in Jakarta through an online conference platform to reward business partners who have collaborated and have shown significant growth during their partnership with Xendit.
Xendit is committed to continuing to grow with our business partners with the aim of building Indonesia’s digital infrastructure. This company has helped the payment system of more than 2,000 merchants so that business partners can focus on growing their business. This event is aimed at Xendit’s business partners who have shown excellent performance in 2020.
“In the midst of this pandemic, we are seeing a lot of businesses popping up, and businesses becoming more innovative in their marketing campaigns, even business people are raising the standards and quality of their performance during the pandemic. All the efforts that have been made by these business people need to be appreciated, “said Xendit CEO and Co-Founder, Moses Lo.
Meanwhile, Filianingsih Hendarta, Assistant to the Governor & Head of the Bank Indonesia Payment System Department, gave a presentation on the theme “Digital Economic and Financial Ecosystems 2025”. In his presentation, Filianingsih stated that the adaptability of the business world continues to be tested to survive and rise in the next normal era.