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Xendit Pledges Series D Funding to Support PH Startups, Women in Tech

Xendit

Xendit has tripled annualized transactions from 65 million to 200 million and increased total payment value from $6.5 billion to $15 billion, making it one of Southeast Asia's fastest-growing fintech companies.

Xendit

As part of its Series D funding round, Xendit has pledged to take a more active role in the Philippines, supporting local businesses, promoting women in tech, developing better payment options, and optimizing business processes.

This commitment was made by Xendit, one of the fastest-growing payment infrastructure platforms in Southeast Asia, following the completion of a $300 million Series D fundraising round, bringing its total capital raised to $538 million. The round was co-led by Coatue and Insight Partners, with participation from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kan's Goat Capital.

Xendit

We are so excited to apply this latest round of funding to further our existing growth initiatives while investing into even more new initiatives to accelerate the Philippine digital economy. Not only will we double down on launching first-to-market payments solutions and building world-class financial infrastructure, but we will also partner deeply with regulators, create new opportunities for Filipina women in tech, and push the frontiers of fintech innovation," said Yang Yang Zhang, CEO & Managing Director of Xendit Philippines.

Known as the "Stripe of Southeast Asia" - from individual sellers to MSMEs, growth stage startups, and even large enterprises. Backed by some of the most prominent investors in Silicon Valley, Xendit hopes to serve as a lighthouse to draw more VC attention to the growing Filipino startup scene.

Ms. Zhang continued, “From just a handful of scrappy multi-taskers, our local team has expanded continuously as we serve more and more Filipino businesses of all sizes. We’re so excited to funnel our funding back to the Philippines to pave the way for other Filipino startups, establish partnerships with local communities, and support regulators in their digitization goals.”

Mission beyond payments
This infusion of funding will allow Xendit Philippines to commit more resources to two key initiatives: empowering Women in Tech and subsidizing non-profit organizations that directly assist the local community.

“As a woman who has spent her entire career in male-dominated tech industries, I am deeply invested in lowering the barriers to entry for Filipina women interested in technology. Education has always been the fastest way to level the playing field, and I’m so happy that Xendit will be investing directly into making tech education and career training more accessible for Filipina women everywhere,” said Yang Yang Zhang, CEO & Managing Director of Xendit Philippines."


Xendit continues to explore innovative methods of giving back to local communities, both directly and by empowering others to do likewise. The company offered discounted rates, a shortened settlement period, and expedited onboarding to people who collected donations for Typhoon Odette relief last year. Now, it vows to continue providing this assistance to all qualified NGOs and non-profit organizations.

Reinvesting in the Philippines
Since its launch in 2016, Xendit has maintained its dynamic growth, with month-over-month revenue increases of more than 10% internationally and 30% in the Philippines. Xendit tripled its annualized transactions from 65 million to 200 million and its total payment value from $6.5 billion to $15 billion during the past year.

“Payments are a crucial component for online businesses and we believe Xendit is capturing a formative opportunity in Southeast Asia,” said Luca Schmid, General Partner at Coatue. “Xendit’s deep local expertise, modern tech stack and customer-centric approach has created a digital payments platform that is helping transform how Southeast Asian businesses transact. Coatue is delighted to partner with the Xendit team for the next phase of their journey.”

In modernizing hyperlocalized payment infrastructure for the Philippines, Xendit is not solely concerned with its own expansion. The company is making strategic investments in Southeast Asian startups and small and medium-sized enterprises, particularly in the Philippines.

To complement its expansion into the Philippines, where it is now one of the largest players in the payments industry, Xendit made a strategic investment in Dragonpay, the leading local payment gateway, to forge a partnership to overcome difficult and long-standing reliability and infrastructure obstacles.

Based on the success that both Dragonpay and Xendit have had as a result of this cooperation over the past year, Xendit is committed to investing in further local Filipino entrepreneurs that share its concept of community-driven growth and scalable, customer-centric solutions.

Regional expansion
After setting its footprint in the Philippines and Indonesia, Xendit is ready to transform and build the digital payment infrastructure in other parts of the Southeast Asia region.

“The payments infrastructure market opportunity in Southeast Asia is massive, and Xendit is capturing it with its world-class payments technology," said Nikhil Sachdev, Managing Director at Insight Partners.


"The company's strong leadership team and excellent customer reviews, coupled with its incredible traction across Southeast Asia, have made Xendit the dominant player in the region. Insight is thrilled to partner with the team as they scale their operations.”


With more than 3,000 customers, Xendit's competitive advantage is its in-depth knowledge of local customer requirements coupled with its worldwide technology. This enables Xendit to provide hyper-localized products to help startups scale, while also servicing some of Southeast Asia's top merchants, such as GrabPay, Ninja Van, Qoala, Unicef Indonesia, Cashalo, and Shopback.

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