Indonesian payments startup Xendit announced on Tuesday a $150 million Series C that elevated the company to the short list of Southeast Asia unicorns. The round was led by Tiger Global Management with participation from existing investors Accel, Amasia, and Justin Kan’s Goat Capital.

With the latest investment, Xendit plans to continue innovating its product suite, with sights on expansion into select countries across Southeast Asia, the company said in a statement.

The region presents a particularly compelling backdrop for innovation and disruption, with 70 percent of the region’s 580 million people now online. In 2021, the region’s digital economy will exceed $100 billion and is projected to triple to more than $300 billion by 2025.

“We are seeing an incredible shift to digital first. Whether the business is a small Instagram shop or Southeast Asia’s largest enterprises, it’s now clear that businesses need to have a digital presence,” said Xendit Co-Founder and Chief Executive Officer Moses Lo. “Xendit’s digital payments infrastructure enables the region’s new class of entrepreneurs to start and scale their payments faster and supercharges larger companies with modern, world-class financial services. What AWS has done for Compute, Xendit is doing for payments.”

By building hyper-localized products in a region with over 23,000 islands and a broad diversity of customer needs, Xendit has been able to build first-in-market products, provide unparalleled customer service, and quickly adapt to a dynamic region.

“At Xendit we’ve seen more than 200 percent year-over-year increase in total payments volume across Indonesia and the Philippines, continuing our track record of more than 10 percent month-over-month growth since our inception,” said Xendit Co-Founder and Chief Operation Officer Tessa Wijaya. “Our new status as a unicorn will help strengthen the mission we initially set out to achieve – to provide reliable and secure financial infrastructure to millions of businesses across Southeast Asia, allowing them to grow and thrive in the burgeoning digital economy.”

Xendit is providing a solution to Southeast Asia’s specific reliability and infrastructure hurdles by expanding access to technologies that create an equal playing field and enabling businesses and people in the region to scale and thrive. Following their success in Indonesia, Xendit entered the Philippines and–within a year–has become one of the largest payments players in the Philippines.

Xendit announced in March a Series B led by Accel. The company has now raised a total of $238 million since 2015. Xendit was also the first Indonesian tech startup to pass through the acclaimed incubator YCombinator and is the top Southeast Asian company on the YC Top 100 list, the company said.

Xendit is a financial technology company that provides payment solutions and simplifies the payment process for businesses in Indonesia, the Philippines, and Southeast Asia, from small and medium businesses and e-commerce startups to large enterprises.

Xendit enables businesses to accept payments, disburse payroll, run marketplaces and more, on an easy integration platform supported by 24/7 customer service. Xendit enables businesses to accept payments from direct debit, virtual accounts, credit and debit cards, eWallets, retail outlets, and online installments.

Tiger Global Management is a global investment firm that focuses on private and public companies in the internet, software, and financial technology sectors. Since 2001, Tiger Global has invested in hundreds of companies across more than 30 countries in all stages of growth, from Series A to pre-IPO.

Its investments have included JD.com, UiPath, Stripe, Databricks, Bytedance, Snowflake, Facebook, Alibaba, Procore, Chime, Blend, Peloton, Attentive, LinkedIn, Flipkart, and Toast.

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