Indonesian Unicorn Xendit Bags $300 Million In Series D Funding

Digital payments platform Xendit said Thursday that it had raised $300 million in a Series D funding round led by Coatue and Insight Partners, bringing its total amount raised to $538 million.

The Jakarta-based firm said other investors in the round include Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kan’s Goat Capital. Xendit’s valuation was not disclosed. During its last fundraising round in September, the firm became a unicorn when it secured $150 million at a valuation of $1 billion.

“With this new funding, we are committed to continuing to invest in new markets, develop the Xendit platform, and expand our business lines so that we can maximize the opportunities that arise,” Moses Lo, cofounder and CEO of Xendit, said in a statement.

Founded in 2016, the firm currently has more than 3,000 customers. Xendit said its annualized transactions tripled from 65 million to 200 million over the last year. The total value of the transactions also jumped from $6.5 billion to $15 billion. Some of its clients are Traveloka, Transferwise, and Grab.

“Payments are an important component of any online business, and we believe that Xendit can seize this golden opportunity in Southeast Asia,” Luca Schmid, general partner of Coatue said.

Xendit provides a digital payment platform for businesses across Southeast Asia, enabling them to receive payments from direct debit, virtual accounts, credit and debit cards, eWallet, QRIS, retail outlets, and online installments.

It has also been investing in banking and other payment startups over the last two years. Just last month, Xendit announced an investment in Bank Sahabat Sampoerna and last year it invested in DragonPay as part of its expansion to the Philippines.

“Xendit will continue to expand into new areas—such as Thailand, Malaysia, and Vietnam–where we can identify the needs of businesses there and provide the right payment infrastructure solutions,” said Tessa Wijaya, cofounder and COO of Xendit.