Indonesian Payments Unicorn Xendit Officially Expands to MalaysiaJanuary 11, 2023 0 comments
Indonesian fintech unicorn Xendit announced that it has officially made its entry into the Malaysian market to offer its payment solution for businesses.
Former Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz had previously announced that Xendit would be relocating its financial hub to Malaysia following an investment from the Dana PENJANA programme.
The programme is a RM600 million investment fund by the Malaysian government for the venture capital firms to invest in startups.
Xendit has also announced an investment in local payment gateway provider Payex which is licensed by Bank Negara Malaysia.
The collaboration will see Xendit bring its regional expertise to synergise with Payex’s local knowledge driving merchant acquisition and local expansion.
Xendit offers a one-stop payment infrastructure that enables businesses to scale rapidly into the Philippines, Indonesian, Thailand, Vietnamese, Malaysian and other Southeast Asian markets.
The Indonesian unicorn offers payment acceptance from virtual accounts, credit and debit cards, e-wallets, retail outlets and direct debit.
Beyond this, Xendit also provides card issuing, platform management, infrastructure for e-wallets, express checkouts and more.
Xendit has over 3,500 active customers across the region and has recorded over US$21 billion in annualised third-party verifications across over 250 million transactions in total.
The firm first launched in Indonesia in 2015 and entered the Philippines market in 2020. The firm was minted as a unicorn following the closing of its US$150 million Series C funding round.
Moses Lo, Founder and CEO of Xendit said,
“We are proud to be officially bringing our payment infrastructure and ecosystem to the Malaysian market – boosting the growth trajectory of local start-ups through our secure and easy-to-integrate payment system.
We look forward to working collaboratively with the local market adding value through our world-class products and regional experience to collectively drive this national agenda.”
Jason Siew, General Manager at Xendit Malaysia said,
“At Xendit we prioritise a simple integrated system with an emphasis on speed and quality service. This is what we will be bringing to the Malaysian market.
Our systems are designed to simplify payment processes in all forms, from conventional to the most in-demand traditional and alternative payment channels. This coupled with our wide regional reach means it is easier than ever for local businesses to scale and grow rapidly across the nation and region.”