Financial technology firm Xendit is doubling down on its investments for the Philippine market after recently raising $300 million from its Series D funding round which was announced back in May.
Based on the company’s own website, Xendit’s payment gateway platform is “uniquely built for businesses in Southeast Asia” and is anchored on three elements: simple integration and testing of APIs, speed of activation with competitive pricing, and greater personalized support from its customer service team.
Since its inception in 2016, the Xendit team has raised more than $538 million from all the funding rounds combined, and according to Zhang, this is a testament on how investors view the SEA market and why the company sees several growth opportunities to drive its expansion plans beyond its existing core markets of Indonesia and the Philippines.
“Specific to the Philippines, Xendit is fortunate to be operating in this space with a strong policy support by the government. We are in a good position to expand our business lines and drive inclusive growth,” Zhang said during an exclusive interview with Newsbytes.PH.
In 2021, Xendit was able to triple the volume of payment transactions through its platform amid the pandemic, strongly driven by the digital shift of business and the increased activity of enterprises and SMEs. The company builds on this performance by launching first-to-market payment solutions with PH-based partners.
“Xendit’s portfolio of customers also diversified into other sectors, enabling growth overall despite slowdown in some hard-hit industries during the pandemic,” she added.
Zhang also shared that Xendit’s Direct Debit product has grown exponentially driven by customers from ecommerce, financial services, subscription services and mobile wallet top ups. This product allows customers to use a one-click payment flow process and gives businesses the ability to connect with customers who do not have credit cards but pay online.
Beyond payments processing, Xendit also offers the Xeninvoice billing interface, fraud risk management via Xenshield, automated payouts through Xendisburse, the excel batch disbursement tool Xenbatch, and the marketplace payments infrastructure called Xenplatform.
“Specific to fueling the Philippine digital economy, Xendit also understands the importance of access to capital so we look forward to offering b2b loans to our merchant customers as well,” Zhang said.
Xendit’s current goal is to provide all players in the ecosystem access to technology that transforms businesses and day-to-day operations more efficiently, and that includes building infrastructure for three new potential markets – Malaysia, Vietnam and Thailand.
“Xendit is always on the lookout for the next strategic investment; we started this with Dragonpay. With our recent funding round, we doubled down on the PH by empowering local businesses not just with payments and value-added services, but also by putting our capital directly into other Philippines startups in fintech and other verticals,” Zhang concluded.