Heads up, Malaysia! Xendit has just landed. The Indonesian fintech has now officially expanded to Malaysia, their third market.

• Slowly but surely. They were founded in Indonesia in 2016 and expanded to the Philippines in 2020.

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⏰ For context

Xendit's goal? Help SMEs, startups, and even large enterprises process payments and scale through localized products for SEA!

• They raised a $300M Series D last year and have over 3,500 customers in SEA.
• Customers include Samsung, Lazada, Grab Ninja Van, Wise, Kumu and more.
• They've recorded over $21B in annualized third-party verifications across 250M+ transactions in total.

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🇲🇾 Local plans, local partners

They've also invested in Payex, a licensed local payment gateway. They offer payment links, API integrations with e-commerce sites and other systems and even integrate deliveries.

• Payex has positioned itself as a local payment gateway for social media, e-commerce sellers and more.
• Before Xendit's investment, Payex raised $1M MYR (around $230k USD) from Corporate Accelerator & NEXEA through their accelerator program in 2021.

Xendit is also backed by a local fund supported by Malaysia's government.

• Penjana Kapital invested in Xendit through the Dana Penjana Nasional program in 2021.

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↔️ Two-way growth

So what if Xendit expands to Malaysia? This can help encourage not only Malaysian companies to expand to other SEA markets but also other companies in SEA (that use Xendit) to expand to Malaysia.

• How? Because these businesses will all be using Xendit's quick and simple integrated payment infrastructure that works across multiple markets in SEA with localized offerings.

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✈️ Are you next?

They're looking at Thailand and Vietnam as potential new markets after Malaysia!