NextGen Day

A Southeast Asian payments infrastructure start-up decided to extend its domestic operations after receiving a cash boost from multiple investors, thanks to the forward-thinking policies of Philippine authorities.

Tiger Global Management, Accel, Amasia, and Goat Capital were among the investors that contributed to Xendit’s recent USD150 million Series C financing, which was directly seeded for the company’s core operation.

This made Xendit a unicorn, a phrase used to describe companies worth more than $1 billion, which Yang Yang Zhang, Xendit’s chief executive officer, and managing director, believes would help the company grow and improve its goods and services.

“For me, the Philippines just offered all of the appropriate systems, the perfect formula for a country where innovation would be recognized, appreciated, and eventually adopted,” she said in a video briefing on September 16, 2021.

Because of its innovative and forward-thinking policies, the Bangko Sentral ng Pilipinas (BSP), according to Zhang, makes the company’s entrance into the domestic market more attractive.

“Anyone who wants to propose a fresh concept to BSP will find an audience,” she added.

She went on to say that the local market had a lot of promise.

“Every ingredient exists today to contribute to a hyperbolic stage very similar to what we saw in Indonesia over the last five years, with a young, mobile-enabled population, strong smartphone penetration, early adopters mentality, tons of support for digitalization, tons of commitment from financial institutions to digitalization,” Zhang said.

She said that one of the most important elements is the presence of a big number of consumers.

“Knowing that the environment is there, that the potential to grab the market is there, and that there are assured consumers is there persuaded us that our goods can help a lot of other startups and established businesses. Regulators, consumers, and companies are all ready and willing to participate in the next generation of digital solutions, she said.

Since its inception in December 2020, the business has expanded its digital infrastructure in the nation to aid in the government’s aim to promote digital financial payments transactions.

“Our goal to offer dependable and secure financial infrastructure to hundreds of thousands of developing companies throughout the Philippines will be strengthened by Xendit’s latest round of funding and unicorn status. “Our dream is to accelerate the growth of the Philippine digital economy by continuing to develop first-to-market solutions for enterprises and SMEs (small and medium enterprises), as well as introducing the global VC (venture capital) community to the burgeoning local startup ecosystem,” Zhang added.

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