Southeast Asian digital payments infrastructure provider Xendit has raised US$64.6 million in a Series B funding round led by Accel.
Businesses from small kiosks (warungs) to SMBs and large players like Transferwise and Grab use Indonesian-based Xendit’s API-based technology to process payments, run marketplaces, disburse payroll, and detect fraud.
The firm, which says it is processing more than 65 million transactions with US$6.5 billion in payment value annually, says it will use the new funding to scale its business, which mainly operates in Indonesia and the Philippines.
Moses Lo, CEO, Xendit, says: “Southeast Asia is a massively complex region, with Indonesia having 17,000 different islands alone—not to mention the region’s regulatory and technological challenges. Trying to build the businesses of tomorrow on yesterday’s infrastructure is holding Southeast Asia’s businesses back.
“This latest investment will enable Xendit to scale our digital payments infrastructure quickly and provide millions of small and medium-sized businesses across Southeast Asia with an on-ramp to the digital economy.”