Indonesia-based payments infrastructure company Xendit has raised $300 million in a Series D funding round.
The round, co-led by Coatue and Insight Partners, saw participation from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo and Goat Capital.
This latest round, which follows on from Xendit’s $150 million Series C last September, brings its total funding raised to date to $538 million.
Over the last year, Xendit claims it has seen its annualised transactions triple from 65 million to 200 million and increased total payments value from $6.5 billion to $15 billion, making it one of the fastest-growing fintechs in Southeast Asia.
Xendit CEO and founder Moses Lo says the funding will be used to “keep reinvesting in new markets, enhance our Xendit platform and expanding our business lines so we can seize the biggest and best opportunities”.
“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,” Lo adds.
The fintech provides “hyper-local” payment solutions for businesses across Indonesia, the Philippines and Southeast Asia, making it easier for those in the region to participate in the burgeoning digital economy.
Xendit enables businesses to disburse payroll, run marketplaces, accept payments from direct debit, virtual accounts, credit and debit cards, eWallets, retail outlets and online installments.