Xendit, an Indonesia-based payment service provider, has secured USD 150 million in series C funding led by Tiger Global Management to scale payment infrastructure across SE Asia.
With the latest investment, Xendit plans to continue innovating their product suite, with sights on expansion into select countries across Southeast Asia. 70% of the region's 580 million people are now online and, in 2021, the region’s digital economy will exceed USD 100 billion, while it is projected to triple to more than USD 300 billion by 2025, according to the press release.
Xendit is providing a solution to Southeast Asia’s specific reliability and infrastructure weaknesses by expanding access to technologies that create an equal playing field and enabling businesses and people in the region to scale their business. By building localised products in a region with over 23,000 islands, Xendit has been able to develop products and provide customer service.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now