Xendit, an Indonesia-based payments infrastructure platform, announced Thursday it closed $300 million in Series D funding, taking the total amount raised to $538 million to power the world’s fastest-growing digital economy.

Coatue and Insight Partners co-led the round with additional investment from Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kan’s Goat Capital, Xendit said in a statement.

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

Over the last year, Xendit tripled annualized transactions from 65 million to 200 million and increased total payments value from $6.5 billion to $15 billion. Further, the company has continued its dynamic growth by increasing sales 10 percent month-over-month since its inception in 2016.

“We intend to keep reinvesting in new markets, enhancing our Xendit platform, and expanding our business lines so we can seize the biggest and best opportunities. Southeast Asia’s digital economy will be worth more than $360 billion by 2025 and we think we’ve positioned ourselves well to both drive and benefit from that growth,” said Moses Lo, Founder and Chief Executive Officer of Xendit.

Xendit is making strategic investments that serve startups and small and medium-sized enterprises (SMEs) in Southeast Asian countries. The company recently invested in Bank Sahabat Sampoerna, a private bank in Indonesia that focuses on micro and SME businesses, as well as banking-as-a-service for technology-enabled businesses.

To complement its expansion into the Philippines, Xendit made a strategic investment into the leading local payment gateway, Dragonpay, doubling down on its
commitment to modernizing hyperlocalized payments infrastructure in each market it enters.

“We will continue to deliver access to Xendit’s payments products and services to enable more businesses and people in the region to participate in the digital economy. Xendit will continue to expand into new markets – like Thailand, Malaysia and Vietnam – where we can identify a need that doesn’t exist, similar to what we did in the Philippines. We plan to diversify our products with value-added services, like lending programs we’ve already started in Indonesia,” said Tessa Wijaya Co-Founder and Chief Operating Officer of Xendit.

With more than 3,000 customers, Xendit’s competitive differentiator is its deep understanding of local customer needs combined with global technology. This allows Xendit to deliver hyper-localized products to help startups scale while also serving some of Southeast Asia’s largest merchants, including Samsung Indonesia, GrabPay, Ninja Van Philippines, Qoala, Unicef Indonesia, Cashalo and Shopback.

“Payments are a crucial component for online businesses and we believe Xendit is capturing a formative opportunity in Southeast Asia. Xendit’s deep local expertise, modern tech stack and customer-centric approach has created a digital payments platform that is helping transform how Southeast Asian businesses transact,” said Luca Schmid, General Partner at Coatue.

This Series D funding follows Xendit’s Series C funding round led by Tiger Global Management last year. 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 payments infrastructure market opportunity in Southeast Asia is massive, and Xendit is capturing it with its world-class payments technology. The company’s strong leadership team and excellent customer reviews, coupled with its incredible traction across Southeast Asia, have made Xendit the dominant player in the region,” said Nikhil Sachdev, Managing Director at Insight Partners.

Indonesia’s Xendit makes strategic investment in Bank Sahabat Sampoerna