The fastest-growing digital payments infrastructure in Southeast Asia has generated US$64.6 million (₱3.13 billion) in additional funding that will be used to further grow its services in the region. Xendit has reported that it raised the amount in a Series B round led by Accel. This additional funding brings its total generated funding to $88 million (₱4.26 billion).
The company is rapidly expanding its business amid the rapid digital transformation across the region. It is now processing over 65 million transactions worth $6.5 billion (₱314.8 billion) in payment value yearly.
“Trying to build the businesses of tomorrow on yesterday’s infrastructure is holding Southeast Asia’s business back,” said Xendit CEO and Co-Founder Moses Lo. “This latest investment will enable Xendit to scale our digital payments infrastructure quickly and provide millions of small and medium-sized businesses across Southeast Asia with an on-ramp to the digital economy.”
Xendit offers payment solutions for all scales of businesses in the region so these firms can set up and go to the market quickly. Its services include processing of payments, running of marketplaces, disbursing of payrolls and loans, and detection of fraud. The company also facilitates the most reliable payment solution for its home front in Indonesia as well as in the Philippines and the rest of the region.
This additional funding will be used to drive Xendit’s expansion across the region and accelerate the growth of its recently launched operations in the Philippines. Xendit continues its commitment to deliver innovative, hyper-localized solutions to payment ecosystems as complex and as fragmented as Indonesia and the Philippines.