Xendit's Latest Funding of 2.1 Trillion Rupiah Confirms Its Unicorn Status

Xendit announced the series C funding of $150 million or equivalent to 2.1 trillion Rupiah. This round also settled the company's valuation above $1 billion and made Xendit the next "unicorn" startup in Indonesia.

The investment was led by Tiger Global Management with the participation of a series of investors, including Accel, Amasia, and Goat Capital. With this fresh funding, Xendit plans to innovate on its product range, aiming expansion to selected countries in Southeast Asia.

The Xendit fintech platform has started to be available in the Philippines. To solidify its debut, the company recently invested in local payments startup, Dragonpay.

"We are seeing a major shifting to digital that almost all businesses, from small shop owners on Instagram, to the largest companies in Indonesia [..] Xendit's digital payments infrastructure allows businesses to receive payments faster," Xendit's Founder & CEO, Moses Lo said.

Previously, Xendit closed its $64.6 million Series B funding round in March 2021 and was led by Accel. With this latest funding, they have raised IDR 3.4 trillion ($238 million) in total since the first round in 2015.

"Xendit recorded a total payout volume increase of more than 200% yoy in Indonesia and the Philippines, continuing our growing track record by more than 10% month-on-month, since our debut. Our new unicorn status will help strengthen the core mission as our guide," Xendit's Co-Founder & COO, Tessa Wijaya added.

Beyond fintech