Xendit achieves Unicorn status
By : Mindanao Today/08:58:25am 09/20/2021
Photo courtesy of Xendit
XENDIT, a fast-growing payments infrastructure startup that launched in the Philippines last December, has announced a $150 million Series C that elevates the company to a short list of Southeast Asia unicorns.
The round was led by Tiger Global Management with participation from existing investors Accel, Amasia, and Justin Kan’s Goat Capital.
This latest investment will fuel Xendit’s plans to continue innovating its product suite and make its digital payments infrastructure available to more entrepreneurs in the Philippines and other key markets.
By specializing in building hyper-localized products for archipelago nations and catering to a broad spectrum of customer needs, Xendit has been able to build first-in-market products, provide unparalleled customer service, and quickly adapt to a dynamic region.
“We’re seeing an incredible shift to digital-first. Whether the business is a small Instagram shop or Southeast Asia’s largest enterprises, it’s now clear that businesses need to have a digital presence,” said Moses Lo, co-founder and CEO, Xendit.
“Xendit’s digital payments infrastructure enables the region’s new class of entrepreneurs to start and scale their payments faster and supercharges larger companies with modern, world-class financial services. What AWS has done for computing, Xendit is doing for payments,” Lo added.
Xendit’s commitment to strengthen its local Philippines operations is part of its mission to build digital infrastructure in the country and promote financial inclusivity.
The last year has seen more than 200% year-over-year increase in total payments volume across the Philippines and Indonesia, maintaining a 25% month-over-month growth rate in the Philippines and continuing a track record of more than 10 percent month-over-month growth since inception.
“Xendit’s new round of fundraising and status as a unicorn will strengthen our mission to provide reliable and secure financial infrastructure to hundreds of thousands of growing businesses across the Philippines. Our dream is to accelerate the growth of the Philippine digital economy by continuing to build first-to-market solutions for enterprises and SMEs alike, while introducing the global VC community to the growing local startup ecosystem.” said Yang Yang Zhang, CEO and Managing Director of Xendit Philippines.
Trusted and reliable fintech partner of Filipinos
Xendit Philippines has played an integral part in the company’s growth and journey toward its unicorn status.
Despite being a relative newcomer to the local payments space, Xendit has catapulted to becoming one of the biggest payment gateways in the country.
Over the past year, Xendit Philippines has paved the way in building first to market solutions that differentiates it from other companies in the scene.
It was the first payment gateway to launch a direct debit and Buy Now Pay Later (BNPL) solution as well as integrate to the top three e-wallets: GCash, Grabpay and Paymaya.
Xendit is providing a solution to the Philippines’s specific reliability and infrastructure hurdles by expanding access to technologies that create an equal playing field, enabling businesses and people in the region to scale and thrive.
In the Philippines, about 67% of the population are internet users in which 42% utilize banking and financial services apps for their digital transaction needs.
This could be attributed to the e-commerce growth in the country with more customers shifting their purchases online for safety and convenience amid the pandemic.
Overall, for 2021, 38.88 million Filipinos are now making digitally-enabled payment transactions. (PR)