PETALING JAYA: Indonesian fintech company Xendit formally entered the Malaysian market with an undisclosed investment into Payex, a local payment gateway provider licensed by Bank Negara Malaysia (BNM).
Xendit brings regional expertise from the Indonesian and Philippine markets. It intends to synergise with local knowledge of Payex, established in 2020, to drive merchant acquisition and local expansion.
Since its founding in 2015 by Moses Lo, the company has recorded over US$21 billion (RM91.83 billion) in annualised third-party verifications across over 250 million transactions in total.
It closed US$300 million (RM1.31 billion) in Series D Funding in May 2022, after earning the “unicorn” status in September 2021 during a Series C funding round by Tiger Global Management. Cumulatively, the company has raised US$534.7 million (RM2.34 billion) in funding over seven different rounds.
Xendit’s market entry comes after receiving an investment from Penjana Kapital in 2021 under the Dana Penjana Nasional (DPN) programme, developed by the Malaysian government in 2020 to bridge the gap for start-up funding.
The company promises scalability for businesses through its one-stop payment infrastructure. This includes core solutions that accept payments from virtual accounts, credit and debit cards, e-wallets, retail outlets and direct debit.
Since its launch in 2015, Xendit has accrued a list of noteworthy merchants and clients including Traveloka, Grab and Tech in Asia.
“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,” said Xendit Malaysia GM Jason Siew.