Xendit, the fastest growing digital payments infrastructure for Indonesia, Philippines, and other Southeast Asia’ countries, has raised Series B funding worth of US$64.6 million led by Accel, the company announced on Tuesday (03/02). In years, the company has raised $88 million in funding.
Moses Lo, CEO and co-founder of the company, commented, “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.”
Amid Southeast Asia’ rapid digital transformation, the provider is quickly bolstering businesses of all sizes, processing more than 65 million transactions with $6.5 billion in payment value annually. With more than 170 million Indonesians online and a rapidly growing middle class, Indonesia’ digital economy is on track to quadruple by 2025.