Southeast Asian payments platform Xendit has closed a $300 million Series D funding round that brings its total investment capital since 2015 to $538 million, according to a Thursday press release. May 19. The company plans to use the new capital to further expand its digital payments infrastructure in the region.
Coatue and Insight Partners co-led Xendit’s latest funding round with participation from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo and Justin Kan’s Goat Capital, according to the press release.
Xendit has tripled annualized transactions from 65 million to 200 million and increased total value of payments from $6.5 billion to $15 billion in the past year and increased sales by 10% month over month to another since its creation in 2016.
“We intend to continue to reinvest in new markets, improve our Xendit platform, and expand our lines of business so that we can seize the biggest and best opportunities,” said the Founder and CEO. of Xendit, Moses Lo, in the ad.
“Southeast Asia’s digital economy will be worth more than $360 billion by 2025 and we believe we are well positioned to drive and benefit from this growth,” he said. .
Xendit recently invested in Bank Sahabat Sampoerna, a private bank in Indonesia that focuses on micro and SME, as well as banking as a service for technology companies and made a strategic investment in the Philippine payment gateway Dragonpay .
“We will continue to provide access to Xendit’s payment products and services to enable more businesses and people in the region to participate in the digital economy,” said Tessa Wijaya, co-founder and COO of Xendit, in the press release.
“Xendit will continue to expand into new markets – like Thailand, Malaysia and Vietnam – where we can identify a need that doesn’t exist, like we did in the Philippines,” she said. We plan to diversify our products with value-added services, such as the loan programs we have already launched in Indonesia.
Related: Xendit Secures $150M Series C Funding to Improve Southeast Asia’s Digital Payments Infrastructure
In September, Xendit completed a Series C funding round that raised $150 million, making the company a unicorn — a private company valued at at least $1 billion.