{"id":42008,"date":"2021-03-05T13:22:50","date_gmt":"2021-03-05T05:22:50","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=42008"},"modified":"2021-03-05T13:22:53","modified_gmt":"2021-03-05T05:22:53","slug":"xendit-raises-64-6m-series-b-led-by-accel-to-scale-its-digital-payments-infrastructure","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2021\/03\/05\/xendit-raises-64-6m-series-b-led-by-accel-to-scale-its-digital-payments-infrastructure\/","title":{"rendered":"Xendit raises $64.6M Series B led by Accel to scale its digital payments infrastructure"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Xendit, the fastest growing digital payments infrastructure for Southeast Asia, announced that it has raised US$64.6 million in a Series B round led by Accel to deliver more secure and reliable economic success in the region. Altogether, the company has raised $88 million in funding. Amid Southeast Asia\u2019s rapid digital transformation, Xendit is quickly bolstering businesses of all sizes, processing more than 65 million transactions with US$6.5 billion in payment value annually.\u00a0<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cSoutheast Asia is a massively complex region, with Indonesia having 17,000 different islands alone\u2014not to mention the region\u2019s regulatory and technological challenges. Trying to build the businesses of tomorrow on yesterday&#8217;s infrastructure is holding Southeast Asia\u2019s businesses back,\u201d said Moses Lo, CEO and Co-Founder. \u201cThis 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.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWith more than 150 million Indonesians online and a rapidly growing middle class, Indonesia\u2019s digital economy is on track to quadruple by 2025,\u201d said Tessa Wijaya, COO, and Co-Founder. \u201cSoutheast Asia needs access to a reliable payments infrastructure of its own. Xendit\u2019s platform will supercharge the region\u2019s incredible digital economy, ensuring the next generation of businesses can soar.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Accel led the round with added support from YCombinator. Xendit is the first Indonesian company to go through YCombinator\u2019s accelerator program and was named one of YCombinator\u2019s top 100 companies of 2021. Xendit\u2019s diverse, worldwide team brings localized solutions to a global framework. Both CEO Moses Lo and COO Tessa Wijaya were born and raised in Asia, with a deep understanding of its culture and local nuances. After pursuing higher education in the US, Tessa honed her expertise in Southeast Asia\u2019s market dynamics and regulations. At the same time, Moses gained insight into global tech accessibility and Silicon Valley\u2019s startup ecosystem. Together, Tessa and Moses have joined forces to build Southeast Asia\u2019s next digital economy.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From small bazaar and Shopify\/WIX sellers to large enterprises\u2014like Grab, Cashalo, Ninjavan, Kumu, and Shopback\u2014businesses have experienced a long battle to digitize without proper tools for Southeast Asia\u2019s economic nuances. Now, Xendit provides them all with payment solutions to set up and go to market quickly, including processing payments, running marketplaces, disbursing payroll and loans, and detecting fraud. With Xendit, businesses can access:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The most reliable payment solution for Indonesia, the Philippines, and Southeast Asia&nbsp;<\/li><li>Best-in-class fraud detection with a privacy-forward approach<\/li><li>A quick-to-implement API deploying in days rather than months&nbsp;<\/li><li>World-class 24\/7 customer service<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Xendit\u2019s efforts dovetail perfectly with the region\u2019s continued steps towards digitization and financial freedom. The Association of Southeast Asian Nations (ASEAN) joined forces to adopt its Community Vision 2025 to expand financial literacy, enhance connectivity, strengthen regional infrastructure, expand digital payments scope, raise awareness against digital fraud, and prioritize bridging the digital gap.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This recent round of funding will drive, among other key initiatives, Xendit\u2019s expansion across Southeast Asia and accelerate the growth of its recently launched Philippines operations. Xendit has always thrived by delivering innovative, hyper-localized solutions to payment ecosystems as complex and fragmented as Indonesia and now the Philippines.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWith the support of forward-thinking regulators like the BSP, the Philippines has seen widespread adoption of digital payments over the last year,\u201d said Yang Yang Zhang, Managing Director of Xendit Philippines, \u201cWe feel strongly that Xendit is best poised to ensure that all Filipino businesses &#8211; from enterprises to SMEs &#8211; have easy access to world-class payments infrastructure to help them rapidly adapt to this shift in consumer behavior. We are so excited to play a role in the Filipino economy\u2019s recovery from the COVID pandemic and set the stage for the next inflection point in its growth.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;Xendit has quietly built a modern digital payments infrastructure that&#8217;s transformed how Southeast Asian businesses transact,&#8221; said Ryan Sweeney, partner at Accel. &#8220;Their team&#8217;s combination of deep local expertise and global ambitions means they&#8217;re uniquely positioned to do what no other company could do in the region. We&#8217;re excited to partner with Moses, Tessa and the founding team to help take Xendit to the next level.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Amid Southeast Asia\u2019s rapid digital transformation, Xendit is quickly bolstering businesses of all sizes, processing more than 65 million transactions with US$6.5 billion in payment value annually. <\/p>\n","protected":false},"author":6,"featured_media":42009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,1779],"tags":[548,1034,1974,7257],"class_list":["post-42008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","category-headlines-2","tag-online-banking","tag-online-payments","tag-online-transactions","tag-xendit"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/42008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=42008"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/42008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/42009"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=42008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=42008"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=42008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}