Prominent Indonesian payment gateway company, Xendit has reportedly announced that it has secured over $64.6 million in a series B funding round which was led by Accel. According to sources privy to the matter, renowned seed money startup accelerator, Y Combinator, also participated in this funding round, which has increased the company’s total capital to more than $88 million.
For the record, Xendit helps merchants and businesses accept payments from debit and credit cards, retail outlets, e-wallets and virtual accounts, effectively eliminating the need to integrate with each provider individually. Since its establishment in 2015, Xendit has expanded its services to include lending, tax management, and fraud detection.
Reportedly, the company was accepted to the portfolio of, Y Combinator soon after its establishment, which made Xendit the first company from Indonesia to join the accelerator. This year, the company was also positioned in Y Combinator’s list of top 100 companies around the globe.
Xendit claims that the company processes over 65 million transactions valued at over $6.5 billion in payments annually. The company effectively serves a client base that is majorly made up of large companies such as TransferWise, Traveloka, as well as Grab.
Sources have confirmed that the company is planning to utilize the recently raised funds for scaling its infrastructure of digital payments to small and medium-sized enterprises in Southeast Asian region, where at present, it operates across two markets namely the Philippines as well as its home, Indonesia.
Commenting on the same, CEO and co-founder of Xendit, Moses Lo stated that the region is highly complex and poses several technological and regulatory challenges. Attempting to develop businesses of the future using infrastructure of the old is hindering the growth of businesses across Southeast Asia, Lo added.
Following the completion of the funding round, Xendit has not yet disclosed its current market valuation.