Southeast Asia payment giant Xendit bags Series D

Southeast Asia-focused payments infrastructure platform Xendit has closed its Series D funding round on $300m.

Coatue and Insight Partners co-led the round, with contributions also coming from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo and Goat Capital.

Xendit, which styles itself as the ?Stripe of Southeast Asia?, will continue to invest in new markets, expand its business line and enhance its platform. It also plans to enter Thailand, Malaysia and Vietnam.

In just the past year, Xendit has tripled annualised transactions from 65 million to 200 million and increased total payments value from $6.5bn to $15bn. Since 2016, it has increased sales by 10% month-over-month.

Xendit has built an extensive tool suite of payment tools, including over 20 payment method support, checkout tools, automated payments, on-demand payouts, refunds, risk management, platform payments, remittance, online stores and much more.

With the close of the round, the FinTech company has raised a total of $538m in total funding. Its most recent investment round was a $150m Series C, which had put its valuation at $1bn.

Xendit recently invested into Indonesia Bank Sahabat Sampoerna, which focuses on micro and SME businesses and banking-as-a-services.

To support its expansion into the Philippines, the payments company made a strategic investment into local payment gateway Dragonpay.

Coatue general partner Luca Schmid said, ?Payments are a crucial component for online businesses and we believe Xendit is capturing a formative opportunity in Southeast Asia.

?Xendit 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.p>

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