Fintech startup Xendit achieves unicorn status after securing $150-M funding

Jakarta-based financial technology and payments startup Xendit, which launched in the Philippines in December, has raised $150 million in a Series C funding round, elevating its valuation to about $1 billion.

A private startup with a valuation of over $1 billion is known as a "unicorn."

The investment round was led by Tiger Global Management with participation from its existing investors Accel, Amasia, and Justin Kan’s Goat Capital.

This latest investment will fuel Xendit’s plans to continue innovating its product suite and make its digital payments infrastructure available to more entrepreneurs in the Philippines and other key markets, the company said in a statement on Thursday.

“We’re seeing an incredible shift to digital-first. Whether the business is a small Instagram shop or Southeast Asia’s largest enterprises, it’s now clear that businesses need to have a digital presence,” said Moses Lo, co-founder and CEO of Xendit.

Lo said Xendit’s commitment to strengthen its Philippine operations is part of the company’s mission to build digital infrastructure in the country and promote financial inclusivity. 

“Xendit’s new round of fundraising and status as a unicorn will strengthen our mission to provide reliable and secure financial infrastructure to hundreds of thousands of growing businesses across the Philippines. Our dream is to accelerate the growth of the Philippine digital economy by continuing to build first-to-market solutions for enterprises and SMEs alike, while introducing the global VC community to the growing local startup ecosystem,” said Yang Yang Zhang, CEO and managing director of Xendit Philippines.

The company is banking on the huge internet users population of the Philippines with about 67%, 42% of whom use banking and financial services apps for their digital transaction needs. — Ted Cordero/BM, GMA News