Indonesian Stripe rival Xendit raises US$300 mil, eyes regional expansion

19/5/2022 8:07:00 PM

Fintech: Indonesian Stripe rival Xendit raises US$300 mil, eyes regional expansion - Reuters

Fintech: Indonesian Stripe rival Xendit raises US$300 mil, eyes regional expansion - Reuters

SINGAPORE (May 19): Indonesia's Xendit, which bills itself as Southeast Asia's alternative to payments processing platform Stripe, has raised US$300 million in preparation for regional expansion, its co-founders said in an interview.The eight-year old company, which said in a statement on Thursday that it has raised US$538 million in total, is valued at nearly US$3 billion, according to a source familiar with the latest fundraising round.Xendit is hoping to tap into a booming internet market in the region, with

SINGAPORE (May 19): Indonesia's Xendit, which bills itself as Southeast Asia's alternative to payments processing platform Stripe, has raised US$300 million in preparation for regional expansion, its co-founders said in an interview.The eight-year old company, which said in a statement on Thursday that it has raised US$538 million in total, is valued at nearly US$3 billion, according to a source familiar with the latest fundraising round.

Xendit is hoping to tap into a booming internet market in the region, with an eye to expanding in Thailand, Malaysia and Vietnam, chief operations officer Tessa Wijaya and CEO Moses Lo toldReuterslast week.Southeast Asia's internet economy is forecast to grow to US$360 billion by 2025, according to a study by Alphabet's Google, Temasek, and consultancy Bain & Company.

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