Southeast Asia payments platform Xendit on Tuesday (Sept. 14) finalized a Series C funding round that generated $150 million, in the process cracking the $1 billion mark in money raised.
Tiger Global Management led the latest fundraising round, which made Xendit a unicorn — a rarity for companies in the region. Accel, Amasia and Justin Kan’s Goat Capital were among the other investors.
Xendit will use the money to develop its new and existing products and will work on expanding into “select countries” across Southeast Asia, where 70 percent of the 580 million people online in the region live.
“We’re seeing an incredible shift to digital-first,” said Moses Lo, co-founder and CEO, Xendit. “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.
“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,” he said.
The region’s digital economy will exceed $100 billion this year and is projected to top $300 billion by 2025. Xendit is primed to be right in the middle of the growth, said Tessa Wijaya, co-founder and chief operating officer.
“We’ve seen more than 200% year-over-year increase in total payments volume across Indonesia and the Philippines, continuing our track record of more than 10% month-over-month growth since our inception,” she said in the Xendit announcement.
Xendit has now raised $238 million since 2015.
Meanwhile, eCommerce and gaming company Sea Ltd. is aiming to bring in $6.3 billion in Southeast Asia’s largest fundraising effort in a move to accelerate its global expansion through the sale of shares and convertible bonds.