Xendit strengthens presence in Philippines

MANILA, Philippines — Financial technology firm Xendit is further strengthening its presence in the Philippines after successfully raising $300 million in fresh funding.

Yang Yang Zhang, CEO and managing director of Xendit Philippines, said the deeply Filipino rooted payments infrastructure platform has committed to continue building the Philippine digital ecosystem, focusing on the digitization of small and medium enterprises (SMEs), product innovation, and financial inclusion.

Zhang said the $300 million Series D fund would allow Filipino start-ups to connect to global investors, increase funding and guide domestic investors in building scalable businesses.

The proceeds from the funding round would be used to strengthen its presence in the Philippines, pledging to take a more active role in supporting local SMEs and start-ups, backing women in tech initiatives, building better payment solutions, and streamlining business processes.

The recently completed funding round, brought to $538 million the total capital raised by the company. Coatue and Insight Partners co-led the round with additional investment from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kan’s Goat Capital.

Zhang said Xendit is excited to apply the latest round of funding to further existing growth initiatives while investing into even more new initiatives to accelerate the Philippine digital economy.

“Not only will we double down on launching first-to-market payments solutions and building world-class financial infrastructure, but we will also partner deeply with regulators, create new opportunities for Filipina women in tech, and push the frontiers of fintech innovation,” Zhang said.

Xendit democratizes payments solutions for customers of all sizes – from individual sellers to micro, small and medium enterprises, growth stage start-ups, and even large enterprises.

Since its inception in 2016, Xendit has continued its dynamic growth, increasing sales by more than 10 percent month-over-month globally and 30 percent month-over-month in the Philippines alone.

Over the last year, Xendit tripled annualized transactions to 200 million from 65 million and increased total payment value to $15 billion from $6.5 billion.