Part of the funding will be used to expand into new markets, like Thailand, Malaysia, and Vietnam. The company also plans to include value-added services in addition to payments, like working capital loans. Xendit now has more than 3,000 customers, including Samsung Indonesia, GrabPay, Ninja Van Philippines, Qoala, Unicef Indonesia, Cashalo, and Shopback.
The company says that over 2022, it grew annualised transactions from 65 million to 200 million and increased total payments value from USD 6.5 billion to USD 15 billion. Xendit has made several strategic investments in companies that serve startups and SMEs, including Bank Sahabat Sampoerna in Indonesia and payment gateway Dragonpay in the Philippines.
Company officials stated that before using Xendit, merchants who wanted to accept and send payments would first need to contact banks and other partners to integrate with them. Many small businesses, however, do not have the time or resources to do that. Xendit solves that problem by aggregating payment options for merchants.
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