Indonesian fintech Xendit raised $300 million; BaaS platform Unit nabbed $100 million.

Xendit’s Series D funding

Fast-growing, Southeast Asia-focused payments infrastructure platform Xendit closed on a US$300 million Series D funding co-led by Coatue and Insight Partners with additional investment from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kan’s Goat Capital.

Nicknamed the “Stripe of Southeast Asia,” Xendit has charted a hot streak of growth. Over the last year, Xendit has tripled its annualized transactions from 65 million to 200 million and boosted total payments value from $6.5 billion to $15 billion.

Since its inception in 2016, Xendit has increased sales 10% month-over-month. Moses Lo, Founder and CEO of Xendit, said: “Southeast Asia’s digital economy will be worth more than US$360 billion by 2025 and we think we’ve positioned ourselves well to both drive and benefit from that growth.”

The latest round takes the total amount raised by Xendit to US$538 million. (Businesswire)

Unit’s Series C Round

Unit is the first banking-as-a-service (BaaS) platform to achieve unicorn status. It has announced a $100 million Series C led by Jeff Horing of Insight Partners, with participation from existing investors Accel, Better Tomorrow Ventures, and Flourish, as well as new investors Stepstone, Moving Capital (Uber alumni syndicate), and prominent fintech angels.

The funding came at a $1.2 billion valuation.

Unit is a BaaS platform that empowers companies to embed financial services in their products. Over the last six months, the company’s transaction volume has grown 7x, crossing an annualized transaction volume of $2.6 billion. Further, it issued over 430,000 cards to more than 330,000 end-customers, and saw a 10x increase in deposit volumes.

Simultaneously with the funding, Unit also announced its intention to expand into credit in partnership with its bank partners. Initially it plans to issue bank credit cards, to be followed by additional credit products.

“Credit is the clear next step of growth and we believe it will be the most important wave in financial services in the coming years,” said CEO and co-founder Itai Damti. “With this new round of funding, Unit will be able to empower the companies best suited to offer credit with the technology and infrastructure to make that a reality.” (CISION Pr Newswire)

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