Xendit secures $64.4m in its Series B round

Xendit, which designs digital payments infrastructure for Southeast Asia, has collected $64.6m in its Series B round.

The capital injection was led by Accel, with support also coming from YCombinator. Xendit claims to be the first Indonesian company to be apart of YCombinator’s accelerator programme.

Proceeds will be used to support Xendit position in the region.

The FinTech has built a payments gateway for Indonesia, the Philippines and Southeast Asia. Through a single integration, companies can accept payments through credit and debit cards, w-wallets, bank transfers and more.

Other tools include invoice creation and management, machine learning-powered fraud prevention and refunds.

Xendit CEO and co-founder Moses Lo said, “Southeast Asia is a massively complex region, with Indonesia having 17,000 different islands alone—not to mention the region’s regulatory and technological challenges. Trying to build the businesses of tomorrow on yesterday’s infrastructure is holding Southeast Asia’s businesses back.

“This latest investment will enable Xendit to scale our digital payments infrastructure quickly and provide millions of small and medium-sized businesses across Southeast Asia with an on-ramp to the digital economy.”

With the close of the round, the company has raised a total of $88m in equity.

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