Venture Capital: Big-Ticket Funding Rounds In Fintechs

May 20, 2022 | FinTech, News, Venture Capital
https://dailyalts.com/wp-content/uploads/2022/05/xendit-unit-combined.jpg

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)

Related Story: Fast-Growing Neo Financial Raises $145M , Turns Canadian Unicorn

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/07/graph-g80f55d5ee_640.png
FinTech: Klarna’s Valuation Plunges To $6.5B In Talks To Raise $650M (WSJ)
July 1, 2022     FinTech, Latest News, News

Klarna, the Swedish fintech known for its buy-now-pay-later (BNPL) financial product, is negotiating to raise $650 million at a valuation of $6.5 billion, which is a very sharp comedown from…

https://dailyalts.com/wp-content/uploads/2022/07/woman-g9c1c89a51_640.jpg
Venture Capital: OppZo, Which Funds Small Businesses Having Government Contracts, Raises $260M
July 1, 2022     News, Venture Capital

Fintech OppZo brings together investors and small businesses that need working capital loans for their government-facing businesses. Typically located in economically stressed areas of the country, these businesses represent an…

https://dailyalts.com/wp-content/uploads/2022/07/block-chain-gb76db3143_640.jpg
Alternative Investments/Digital: Jacobi To Launch Europe’s First Bitcoin ETF This Month

The Jacobi Bitcoin ETF, from Jacobi Asset Management, will have a number of firsts to its credit when it starts trading this month. It will be the first exchange-traded equity…

https://dailyalts.com/wp-content/uploads/2022/07/r4f167378_rrd.jpg
Artificial Intelligence: John Deere’s Advances in AI Powered Agriculture Machinery
July 1, 2022     Artificial Intelligence, News

John Deere (NYSE: DE) has achieved leadership in automated machinery powered by Artificial Intelligence (AI). The self-driving tractor pictured above was revealed in CES 2022 and has six pairs of…