Fintech Firm Xendit Raises Valuation to $538 Million

Southeast Asian fintech company Xendit recently raised its valuation to $538 million following the completion of a $300-million Series D funding round co-led by Coatue and Insight Partners. Among the investors that participated in the funding round include Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Goat Capital.

“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,” noted Coatue general partner Luca Schmid.

With the acquisition of the recent funds, Xendit has committed to bolstering its presence in the Philippines and assuming a more active role in supporting local small and medium enterprises (SMEs) as well as startups. “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,” explained Xendit Philippines CEO and managing director Yang Yang Zhang.

“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,” Zhang added.

The fintech firm provides and simplifies payment solutions for various customers — ranging from individual sellers to large enterprises — enabling them to process transactions, disburse payroll, and run marketplaces, among other operations. Xendit is also backed by notable investors in Silicon Valley, which could attract more attention from venture capitalists as the startup scene in the Philippines continues to grow.

Xendit Philippines, likewise, hopes to further empower women in technology and subsidize non-profit organizations offering assistance to the local community — two of its key initiatives — using the funds it recently secured. Over the past year, the company’s annualized transactions tripled from 65 million to 200 million while its total payment value also increased from $6.5 billion to $15 billion.

Source: Manila Times