Xendit seeks stronger Philippine presence

XENDIT is seeking a stronger presence in the Philippines, pledging to take a more active role in supporting local small and medium enterprises (SMEs) and startups.

Xendit, one of the fastestgrowing payments 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 round with additional investment from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo and Justin Kan’s Goat Capital.

“We are so excited to apply this latest round of funding to further our 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,” said Yang Yang Zhang, chief executive officer and managing director of Xendit Philippines.

Known as the “Stripe of Southeast Asia,” Xendit democratizes payments solutions for customers of all sizes — from individual sellers to micro, small and medium enterprises, growth stage startups, and even large enterprises.

Backed by some of the most prominent investors in Silicon Valley, Xendit hopes to serve as a lighthouse to draw more venture capital attention to the growing Filipino startup scene.

This infusion of funding will allow Xendit Philippines to commit more resources to two key initiatives: empowering women in tech; and subsidizing non-profit organizations that directly assist the local community.

Also, over 2021, Xendit tripled annualized transactions from 65 million to 200 million and increased total payment value from $6.5 billion to $15 billion.

“Xendit’s deep local expertise, modern tech stack and customer-centric approach has created a digital payments platform that is helping transform how Southeast Asian businesses transact. Coatue is delighted to partner with the Xendit team for the next phase of their journey,” said Luca Schmid, general partner at Coatue.