Digital payment infrastructure Xendit announced that it has raised $64.6 million series B, led by Accel and supported by YCombinator. Altogether, Xendit has raised $88 million in funding.
“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," said cofounder and CEO of Xendit, Moses Lo.
Xendit is a financial technology company that provides payment solutions and simplifies the payment process for micro to large-scale businesses in Indonesia, the Philippines and Southeast Asia - helping them to set up and deploy commercial initiatives quickly, including processing payments, running marketplaces, disbursing payroll, and detecting fraud.
The company was founded by Bo Chen, Juan Gonzalez, Moses Lo, and Tessa Wijaya in 2015, and became the first startup from Indonesia to graduate from YCombinator.
Amid Southeast Asia’s rapid digital transformation, Xendit is quickly bolstering businesses of all sizes. It claims to process more than 65 million transactions with $6.5 billion in payment value annually.
"Xendit has quietly built a modern digital payments infrastructure that's transformed how Southeast Asian businesses transact. Their team's combination of deep local expertise and global ambitions means they're uniquely positioned to do what no other company could do in the region," said Ryan Sweeney, partner at Accel.