Unicorn Xendit Indonesia Raises $300M in Series D Funding

Digital payments Unicorn Xendit platform Xendit announced Thursday that it had raised $300 million in a series of D-Series financing led by Coatue and Insight Partners for $538 million.

The Unicorn Xendit Jakarta-based firm tell other investors in the circle include Accel. Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kans Goat Capital. Xendit’s ranking has not been disclosed. In September’s most recent fundraising round, the company became a unicorn, raising $150 million from an estimated $1 billion.

“With this new allocation, we are commit to investing in new market. Advancing the Xendit platform, and expanding our business to maximize the opportunities. That arise,” said Moses Law, co-founder, and CEO of Xendit, in a statement.

Founded in 2016, the company now has more than 3,000 customers.

Xendit said its annual transactions tripled from 65 million to 200 million last year. The total value of transactions also jumped from $6.5 billion to $15 billion. Some of its clients are Traveloka, also Transferwise, and Grab.

“Payments are an important part of any online business, and we believe Xendit can take advantage of this unique opportunity in Southeast Asia,” said Luca Schmid, General Partner of Coatue.

Xendit provides a digital payment medium for businesses in Southeast Asia. Enabling them to accept direct debit, virtual accounts, credit and debit cards, eWallet, QRIS, retail stores, and online installments.

He has also invested in banks and other payments companies over the past two years. Last month, Xendit announced an investment in the bank Sahabat Sampoerna, and last year invested in DragonPay as part of its expansion in the Philippines.