Xendit to introduce more financial services in 2022 – Back End News
Despite the challenges brought on by the COVID-19 pandemic in its first month of operations in the Philippines, fintech start-up Xendit has rebounded as demand for digital financial services increased in 2021.
Launched in December last year, Xendit Philippines (Xendit) became the first Philippine payment gateway to offer the top three e-wallets: GCash, GrabPay, and PayMaya. The predominantly B2B fintech solutions company is also the first to launch a direct debit solution in partnership with leading banks Bank of the Philippine Islands, UnionBank, Banco de Oro and Rizal Commercial Banking Corp.
It has also partnered with another startup BillEase to provide a Buy Now, Pay Later solution.
Xendit PayLater Enables Store Financing For Online Businesses
Xendit partners with three major e-wallets in the Philippines
âWe are on the right track with our goal of creating a seamless digital infrastructure for the Philippines,â said Yang Yang Zhang, Managing Director of Xendit Philippines. âMany have taken advantage of the benefits of cashless payments and we expect continued demand even after the pandemic. When this is combined with the openness of regulators to innovation and the Philippine economy on the verge of hypergrowth, digital transformation will happen sooner rather than later. “
Xendit also launched the Level Up Grant, a campaign designed specifically for small and medium-sized businesses (SMEs) in 2021, which waived two months of transaction fees across all channels.
As it enters its second year of business in the Philippines, Xendit will launch xenCapital, a lending solution with flexible financing options. This will serve as an alternative to traditional financial institutions, based on simplicity, speed and service. Xendit promises minimum requirements for businesses to scale quickly.
Another is Illuma, a value-added service that empowers businesses to harness data and strengthen business processes. This will allow SMEs to validate contacts, accounts and identity documents, and to detect fraud. Finally, xenRemit aims to accelerate innovation in the field of remittances.
Founded in Indonesia, Xendit closes 2021 by achieving unicorn status after securing $ 150 million in Series C funding. The payments infrastructure startup is now one of 35 unicorns in Southeast Asia, with a current valuation of $ 1 billion. Xendit grew 25% month-over-month, with a 200% increase in total payment volume year-over-year. In less than 12 months, he processed over two million debit transactions worth $ 10 billion on more than 350,000 linked bank accounts.