Indonesia-based FinTech firm Xendit, which has reached unicorn status last week, is said to be relocating its financial hub to Malaysia.

The announcement was made by Malaysia Finance Minister Zafrul Abdul Aziz, Reuters reported on Tuesday. He said the government’s venture capital investment fund has invested in Xendit, following an investment in used-car marketplace Carsome, the country’s first tech unicorn.

Xendit, a FintTech unicorn, will relocate its financial hub to Malaysia, he was quoted as saying. No details of the investment amount were shared.

The government’s venture capital investment fund, Penjana Kapital, was set up as a matching fund-of-funds program. Penjana Kapital has raised 850 million MYR ($202.96 million) for its first fund close at the end of May, according to a statement in June.

Xendit’s corporate communications team has yet to respond to TechNode Global‘s query at press time.

Last Tuesday (September 15), Xendit announced a $150 million Series C that elevated the company to the 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.

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.

The investment announcement also came as Malaysia aims to create a more conducive ecosystem for tech startups and wants to create more tech unicorns, competing with Singapore and Indonesia which saw more tech startups getting better funding access and reaching unicorn status.

Earlier this month, Malaysia’s Science, Technology and Innovation (MOSTI) Minister Dr. Adham Baba said the ministry aims to create five unicorn companies in the country in the next five years.

He said the ministry had allocated 123 million MYR ($29.38 million) this year, to be channeled through several finance companies including the government-linked venture capital fund Malaysia Venture Capital Management (MAVCAP), for the development of unicorn companies.

“MAVCAP will be able to assist these start-up companies to grow further into international champions and expand technology in the country, indirectly creating more jobs,” he was quoted as saying.

MAVCAP is a venture capital fund company established in 2001 to develop the technology ecosystem in the country through investments in potential local and regional technology start-ups.

Southeast Asia ride-hailing and payment decacorn Grab was founded in Malaysia in 2012 but has later moved its headquarters to Singapore in 2014. Singapore state investor Temasek Holdings was said to have pumped at least $10 million in the startup then, according to media reports.

Indonesia FinTech firm Xendit reaches unicorn status with $150M Series C led by Tiger Global Management

Featured image credit: Xendit