“Can one company become the default financial infrastructure platform for Southeast Asia's fragmented payments landscape?”
Founded 2015 as a YC-backed P2P payments app in Indonesia, Xendit pivoted in 2016 to a payment gateway and found product-market fit by 2017 as the 'Stripe of Southeast Asia.' Expansion across SEA (Philippines 2020, Malaysia 2023, Thailand 2024) was followed by a deliberate move up the embedded-finance stack: XenCapital (financing), XenPlatform (marketplace orchestration), Banking-as-a-Service, E-Money-as-a-Service, corporate cards (Apollo) and cross-border treasury. The company is now positioned as a multi-product financial infrastructure platform for SEA, with growing Latin American presence (Mexico entity).
Xendit discloses Xendit BaaS (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Xendit does not disclose a bank charter of its own; its banking services are provided through Xendit BaaS (in-house).
Xendit processes payments through Xendit Payments (self-operated), Xendit Payment Links (self-operated), Xendit Subscriptions (self-operated), Xendit In-Person Payments (self-operated), Kredivo (PayLater partner) and BillEase (BNPL partner).
Xendit's cards are issued through Xendit (in-house).
Xendit uses Xendit Cross-Border (self-operated) for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 5 layers in Xendit's stack: Payments / PSP (Xendit Payments (self-operated), Xendit Payment Links (self-operated), Xendit Subscriptions (self-operated), Xendit In-Person Payments (self-operated) and 2 others); Banking / BaaS (Xendit BaaS (in-house)); Card issuing (Xendit (in-house)); FX & payouts (Xendit Cross-Border (self-operated)); Spend / AP (Apollo Corporate Credit Card (in-house) and Xendit Expense Management (in-house)).
Xendit was founded by Moses Lo, Tessa Wijaya and Bo Chen and is founded in 2015, headquartered in Jakarta, Indonesia.
Xendit has raised $538M+ in total (latest round: Series D, 2022; valuation: Unicorn ($1B+, post-Series C 2021)).
Get a read on where your own stack stands against Xendit and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.