A fintech company that provides solutions to simplify payment process for businesses, Xendit, plans to focus on building a financial transaction infrastructure in Indonesia. Xendit’s Co-Founder & CEO, Moses Lo told DailySocial his hope that the product ecosystem offers can help shape the next generation of scalable businesses.
“We want startups, SMEs, and other businesses to grow rapidly without having to worry about payment infrastructure, therefore, they can fully concentrate on more important matters. We always try to give our best by listening to feedback from merchants and trying to build products that suit their needs. them,” Moses said.
In order to present relevant technology, Xendit is currently developing a new product which is claimed to be very attractive and in accordance with the company’s goal of building a reliable digital payment infrastructure in Southeast Asia. This strategic step was taken to strengthen the foundation of the business.
“Our customers trust our payments and have asked us to create new tools that can help them during the pandemic and beyond,” Moses added.
Xendit also has plans to build more tools for SMEs to be able to do online business, including online merchants.
“Our customers have requested financing to bridge their cash flow needs for the following months. We provide capital to our customers with XenCapital. We are constantly building new products and services to help our customers (both large and small businesses) excel in this new world, both in Indonesia and the Philippines,” Moses said.
In the midst of Southeast Asia’s rapid digital transformation, Xendit has now processed more than 65 million transactions with payments of $6.5 billion per year. Regarding a future consolidation with relevant parties, Moses emphasized that Xendit is always open to the possibility of collaboration to improve service and product innovation.
“We expect this step can achieve the company’s goals, to build the most reliable digital payment infrastructure in Southeast Asia,” Moses said.
Apart from Xendit, there are also several payment system providers in Indonesia for startups or SMEs. One of the most significant is Midtrans, which is now part of the Gojek group. Doku, iPaymu, Finpay, and several other players also offer similar services. With the existing competitive map, product innovation is important in order to provide complementarity for its partners.
Series B Funding
In order to accelerate business growth, Xendit has just secured a series B funding worth $64.6 million or the equivalent of 921 billion Rupiah. This funding was led by global venture capital firm Accel. Overall, the companies have raised a total funding of $88 million or IDR 1.2 trillion.
“The fresh fund will be used to scale our digital payment infrastructure and provide millions of small and medium enterprises across Southeast Asia with the path to the digital economy,” Moses said.
Accel led the funding round as supported by Y Combinator. Previously, Xendit was the first Indonesian company selected to participate in the Y Combinator accelerator program in 2015 and was named one of the top 100 companies in 2021.
“Xendit has built a modern digital payment infrastructure that is changing the way Southeast Asian businesses transact. Their combined team of deep understanding of local markets and equipped with ambitions to dominate the global market place them in a strategic position to achieve what other companies in the region can’t do,” Accel’s Partner, Ryan Sweeney said.
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Original article is in Indonesian, translated by Kristin Siagian
