Xendit Philippines expansion part of its plans to increase its footprint
May 21, 2022
XENDIT is seeking an enhanced presence in the Philippines – Xendit Philippines, pledging to take a more lively role in supporting nearby small and medium companies (SMEs) and startups.
Xendit, one of the fastest-growing repayments infrastructure platforms in Southeast Asia, made this commitment following the recent completion of a $300-million Series D funding round, bringing its total capital raised to $538 million. Coatue and Insight Partners co-led the spherical with additional funding from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo and Justin Kan’s Goat Capital.
“We are so excited to apply this brand new spherical of funding to similarly our current boom initiatives whilst investing into even extra new initiatives to accelerate the Philippine digital economy. Not solely will we double down on launching first-to-market repayments solutions and constructing world-class economic infrastructure, but we will also companion deeply with regulators, create new possibilities for Filipina girls in tech and push the frontiers of fintech innovation,” said Yang Yang Zhang, chief government officer and managing director of Xendit Philippines.
Known as the “Stripe of Southeast Asia,” Xendit with its presence in the Philippines (Xendit Philippines) democratizes repayments solutions for customers of all sizes — from person retailers to micro, small and medium enterprises, growth stage startups, and even massive enterprises.
Backed with the aid of some of the most prominent buyers in Silicon Valley, Xendit hopes to serve as a lighthouse to draw greater task capital attention to the developing Filipino startup scene.
This infusion of funding will enable Xendit Philippines to commit extra resources to two key initiatives: empowering ladies in tech; and subsidizing non-profit companies that directly assist the neighborhood community.
Yang Yang Zhang, chief government officer and managing director of Xendit Philippines, discusses the company’s objectives for the nearby market.
Yang Yang Zhang, chief govt officer and managing director of Xendit Philippines, discusses the company’s goals for the local market. PHOTO BY ED PAOLO SALTING
Also, over 2021, Xendit tripled annualized transactions from 65 million to 200 million and expanded total payment value from $6.5 billion to $15 billion.
“Xendit’s deep local expertise, current tech stack and customer-centric method has created a digital payments platform that is supporting radically change how Southeast Asian businesses transact. Coatue is delighted to companion with the Xendit crew for the next phase of their journey,” said Luca Schmid, accepted partner at Coatue.
