Penjana Kapital’s fintech unicorn investment, Xendit, officially enters Malaysia

KUALA LUMPUR (Jan 11): Xendit, a financial technology (fintech) unicorn, has officially entered the Malaysian market, offering its diverse range of hyperlocal payment solutions to businesses in the country, from SMEs and start-ups to giant corporations. .

The Malaysian market entry follows the announcement in 2021 of investment in Xendit by Penjana Kapital through the Dana Penjana Nasional programme. In line with this, Xendit’s mission is aligned with the authority’s – to accelerate the growth of Malaysian-based unicorns through holistic, localized and far-reaching digital payment solutions.

Commenting on this announcement, Moses Lo, Founder and CEO of Xendit said, “We are proud to officially bring our payment infrastructure and ecosystem to the Malaysian market, increasing the growth trajectory of local startups through our secure and easy-to-integrate payment system .

“We look forward to partnering with the local market, adding value through our world-class products and regional experience to jointly drive this national agenda.”

As its first strategic move in the nation, Xendit has announced an investment in local fintech player Payex – a Bank Negara Malaysia-licensed payment gateway provider. The collaboration will see Xendit bring its global expertise to synergize with Payex’s local knowledge driving merchant acquisitions and local expansion.

Xendit believes this will further enhance their ability to empower local businesses to expand regionally, leveraging Xendit’s one integrated payment infrastructure that allows businesses to seamlessly tap into the Indonesian, Philippine, Thai, Vietnamese, Malaysian and other Southeast Asian markets.

Xendit offers a payment infrastructure that enables businesses to scale quickly. This includes Xendit’s core payment solutions that accept payments from virtual accounts, credit and debit cards, e-wallets, points of sale and direct debit. Xendit also offers facilities that enable the withdrawal of funds to banks, e-wallets and cards 24/7.

In addition to this, Xendit also has a range of financial services, payment security options and value-added applications, such as card issuance, platform management, e-wallet infrastructure, express checkout and more.

Xendit Malaysia General Manager Jason Siew elaborates on the organization’s approach within the Malaysian market: “At Xendit, we prioritize a simple integrated system with an emphasis on speed and quality service. This is what we will bring to the Malaysian market. Our systems are designed to simplify payment processes in all forms, from conventional to the most in-demand traditional and alternative payment channels. This, combined with our broad regional reach, means it’s easier than ever for local businesses to scale and grow quickly across the country and region.”

Xendit first launched in Indonesia in 2015 and quickly amassed a list of notable merchants and customers, including Traveloka, Grab and Tech in Asia. In 2020, Xendit entered the Philippine market and then achieved unicorn status in late 2021, following a successful funding round.

Xendit has over 3,500 active customers across the region, and has recorded over US$21 billion (RM91.9 billion) in annual third-party verifications across over 250 million transactions in total.