Southeast Asia payments platform Xendit closed a $300 million Series D funding round that brings its total investment capital since 2015 to $538 million, according to a Thursday (May 19) press release. The company plans to use the fresh capital to continue its expansion of its digital payments infrastructure across the region.
Coatue and Insight Partners co-led the latest Xendit funding round with participation by Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo and Justin Kan’s Goat Capital, according to the press release.
Xendit has tripled its annualized transactions from 65 million to 200 million and increased total payments value from $6.5 billion to $15 billion in the past year and increased sales 10% month-over-month since its inception in 2016.
“We intend to keep reinvesting in new markets, enhancing our Xendit platform, and expanding our business lines so we can seize the biggest and best opportunities,” Xendit Founder and CEO Moses Lo said in the announcement.
“Southeast Asia’s digital economy will be worth more than $360 billion by 2025 and we think we’ve positioned ourselves well to both drive and benefit from that growth,” he said.
Xendit recently invested in Bank Sahabat Sampoerna, a private bank in Indonesia that focuses on micro and SME businesses, as well as banking-as-a-service for technology-enabled businesses and made a strategic investment into Philippines payment gateway Dragonpay.
“We will continue to deliver access to Xendit’s payments products and services to enable more businesses and people in the region to participate in the digital economy,” Tessa Wijaya, co-founder and COO of Xendit, said 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, similar to what we did in the Philippines,” she said. We plan to diversify our products with value-added services, like lending programs we’ve already started in Indonesia.”
Related: Xendit Snags $150M in Series C Funding for SE Asia Digital Payment Infrastructure Enhancements
In September, Xendit finalized a Series C funding round that generated $150 million, making the company a unicorn — a private company that has a valuation of at least $1 billion.