Xendit Startup Diligence Report
A credible thesis is that Xendit can compound as localized payments and financial-operations infrastructure for Southeast Asian merchants and platforms. The thesis depends on proving revenue quality, take-rate durability, customer diversification, reliable partner-rail operations, compliant multi-jurisdiction licenses and supportable current valuation.
Xendit Startup Diligence Report
Xendit qualifies for continued diligence as an active private Southeast Asia payments-infrastructure unicorn screen. Public evidence supports the 2021 $1B unicorn claim, broad product footprint, customer references, multi-country license claims and 2022 $300M Series D financing; the investment case cannot be underwritten without private financial, customer, regulatory, contract, security and HR records.
Public sources verify financing, pricing and stale TPV-growth claims, but do not disclose audited revenue, take rate, gross margin, burn, cash runway, ARR/TPV bridge or support for any post-2021 valuation.
Diligence request: Request audited financials, monthly KPI pack, cash/burn, revenue recognition memo, TPV-to-revenue bridge, latest valuation support and board-approved model.
Xendit operates regulated payment/remittance/VASP/lending activities across several Asian jurisdictions; public license claims require regulator confirmation and review of restrictions, renewals and enforcement history.
Diligence request: Commission local counsel review in Indonesia, Philippines, Singapore, Malaysia, Thailand, Vietnam and Hong Kong; collect licenses, correspondence, exams and remediation history.
Xendit documents APIs and fraud-detection products and status components, but SOC/PCI/penetration-test evidence, uptime SLAs and incident history were not public.
Diligence request: Obtain SOC/PCI/ISO reports if applicable, penetration tests, uptime SLA data, architecture review, incident postmortems and secure-SDLC evidence.
Public customer logos show use cases but do not disclose top-customer revenue, active status, pricing, renewals, churn/NRR or 5%+ concentration.
Diligence request: Request top-15 customer schedule, revenue by customer, contract terms, churn/NRR cohorts and independent references.
Status page incidents show partner-rail disruptions for GoPay, virtual accounts, BSS, Landbank and Alipay Philippines, highlighting dependencies outside Xendit core systems.
Diligence request: Review supplier/rail contracts, SLA history, redundancy, incident postmortems, customer credits and business-continuity plans.
Payments infrastructure buyers can benchmark on payment-method coverage, reliability, developer tooling, local licensing and price; Xendit publishes list prices but realized discounts and competitor win/loss are private.
Diligence request: Run customer win/loss calls and compare realized pricing, acceptance rates, settlement speeds and support SLAs against local and global payment competitors.
Public sources name investors and amounts but not fully diluted ownership, liquidation preferences, warrants, notes, option pool or debt/off-balance-sheet obligations.
Diligence request: Request full cap table, financing documents, debt schedule, option plan and waterfall model.
Public sources identify founders and a team-size anchor, but not current leadership bench, attrition, compensation, employee relations or hiring plan.
Diligence request: Request org chart, executive agreements, compensation/benefits, option plan, attrition reports, employee-relations claims and hiring forecast.
Public evidence verifies Xendit’s financing history, unicorn-list status and list pricing, but not audited financial statements, current valuation, cash runway, cap table, debt or forecast reliability.
not publicly verifiable confidence: high
No audited statements, management reports, AR aging or backlog were public. Retrieved sources provide financing history, list pricing, and stale company-reported TPV growth only.
| signal | public evidence | verification status | underwriting implication |
|---|---|---|---|
| 2021 TPV growth | Company stated more than 200% YoY TPV growth and more than 10% month-over-month growth since inception. | partially_verified | Stale company-reported growth needs TPV-to-revenue bridge. |
| List pricing/take-rate inputs | Pricing page lists MDR/fixed fees across cards, e-wallets, bank transfer, QR, virtual account, PayLater and payouts. | verified for list pricing | Need realized pricing, pass-through costs, fraud losses and discounts. |
| Revenue, gross margin, burn, cash runway | No audited or management financial statements were public. | not_publicly_verifiable | Core financial quality cannot be underwritten publicly. |
| AR aging and backlog | No AR aging, backlog or customer receivable schedule was public. | not_publicly_verifiable | Working-capital and collectability risk unknown. |
| Operational incidents | Status page showed partner-rail disruptions while core components were operational. | verified point-in-time | Operational partner issues can affect refunds, payouts and SLA economics. |
Use as request list, not financial analysis.
not publicly verifiable confidence: medium
Forecasts and assumptions are private. Public sources indicate expansion and pricing axes but not predictability, FX sensitivity, capex, working capital or external financing assumptions.
not publicly verifiable confidence: high
Public sources identify investors and round amounts, but not shares outstanding, ownership, option pool, preferences, warrants, notes, debt or off-balance-sheet liabilities.
| stakeholder | public position | verification status | diligence request |
|---|---|---|---|
| Founders | YC lists Moses Lo, Bo Chen and Juan Gonzalez; Business Wire quotes Moses Lo as CEO and Tessa Wijaya as COO/co-founder. | partially_verified | Founder equity, vesting, board seats, employment/IP assignments. |
| Institutional investors | Accel, Y Combinator, Amasia, Tiger Global, Coatue, Insight, Kleiner Perkins, EV Growth, Intudo and Goat Capital appear in public sources. | verified names / unverified ownership | Cap table, preference stack, pro rata rights and side letters. |
| Employees/options/warrants/notes | No public schedule found. | not_publicly_verifiable | Option pool, grants, warrants, notes, vesting and exercise terms. |
| Debt/off-balance-sheet obligations | No public debt or off-balance-sheet schedule found. | not_publicly_verifiable | Debt instruments, credit facilities, guarantees, reserves and settlement obligations. |
Press financing data is not a cap table.
partially verified confidence: medium
Funding history is publicly supported; tax positions, accounting policies and financing terms are not public. The accessible latest financing article does not disclose Series D valuation.
| date | round or event | amount | lead or participants | valuation or post money | verification status | diligence caveat |
|---|---|---|---|---|---|---|
| 2015 | Y Combinator Summer 2015 | Not disclosed publicly in retrieved source | Y Combinator | Not public | verified for YC participation | No financing documents or ownership impact. |
| 2021-03 (referenced) | Series B | $64.6M | Accel led per TechCrunch reference | Not public in retrieved excerpt | partially_verified | Need original Series B documents and valuation. |
| 2021-09-14 | Series C | $150M | Tiger Global, Accel, Amasia, Goat Capital | $1B | verified | Need preferences, ownership and option pool. |
| 2022-05-19 | Series D | $300M | Coatue, Insight Partners, Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, Goat Capital | Valuation not disclosed in accessible Forbes article | verified amount / valuation gap | Current/latest valuation and terms require private support. |
Latest accessible financing valuation remains a gap because Forbes states Series D valuation was not disclosed.
Xendit publicly markets broad receive, send, business-operations and financial-products capabilities with list pricing, but product availability, utilization, margins and roadmap commitments require private validation.
partially verified confidence: medium
Public pages verify a broad product catalog and pricing table. Historical growth, market share, product-level profitability, technical change and roadmap timing are not publicly verifiable.
| product | audience | public features | verification status | diligence request |
|---|---|---|---|---|
| Payments / all payment methods | Merchants across SEA | Enable 100+ payment methods across SEA. | verified | Country coverage, active volume, approval rates and uptime by method. |
| Payment Links, Subscriptions, In-person payments | SMBs and enterprises needing checkout/recurring/POS | Optimized UI, regular collection and card acceptance at physical stores. | verified | Attach rates, churn and support burden. |
| Batch/Automated/Payout Links/Cross Border | Businesses sending money, refunds, payroll or cross-border payouts | Excel upload, APIs and cross-border payouts/FX. | verified | Settlement risk, supplier contracts and payout failure rates. |
| Treasury, expense management, corporate cards, financing | Finance teams and businesses with working-capital needs | 17-currency treasury, expense platform, corporate cards, financing. | partially_verified | Credit risk, card program terms and revenue/margin by product. |
| Identity verification, fraud detection, BaaS, e-money | Platforms and regulated financial-product builders | Identity verification, fraud protection, co-branded accounts/e-wallets and e-money. | partially_verified | Licensing, data privacy, AML/fraud controls and roadmap. |
Product availability may vary by country.
| method | mdr | fixed fee | details | diligence caveat |
|---|---|---|---|---|
| International cards | 4.0% | $0.30 | Requires local entity | Realized enterprise pricing and interchange/pass-through unknown. |
| Domestic cards | 3.0% | $0.30 | Requires local entity | Approval rates and chargeback/fraud costs needed. |
| E-wallets | 2.70% | $0.15 | Rates differ for Thailand and Indonesia | Country-level economics and partner fees needed. |
| Direct debit / bank transfer | 2.13% | $0.60 | Real-time global coverage | Rail costs and failure rates needed. |
| QR payments non-Indonesia | 1.4% | $0.30 | Accept payments from online banking app or e-wallet | QRIS/VAT and local scheme rules needed. |
| Virtual Account | 0.5% | $0.20 | Payment method pricing row | Bank partner terms and float/reserve treatment needed. |
| PayLater | 6.0% | $0.20 | Payment method pricing row | Credit/fraud losses and merchant subsidies needed. |
| Local / Cross-border payouts | N/A | $1.00 local; $5.00 cross-border | Via API or Excel; FX fees apply for cross-border | FX spread, reconciliation and payout failure economics needed. |
All prices exclusive of VAT except QRIS Indonesia per pricing page.
Public customer references support market relevance, but concentration, active status, contract economics, churn and supplier purchase amounts are not public.
partially verified confidence: medium
Xendit names customers/use cases across several verticals, but not the top 15 customers or purchase timing by fiscal year.
| customer | segment | public use case | verification status | diligence request |
|---|---|---|---|---|
| Travelio | e-Commerce / property | Accepts virtual-account and card payments via Xendit. | partially_verified | Confirm active contract, volume, pricing and renewal date. |
| Lazada | Marketplace | Uses Xendit for secure payments for customers and sellers according to customer page. | partially_verified | Confirm active relationship and revenue contribution. |
| Wawa Games | Gaming | Uses Xendit OVO payment channel for game purchases/upgrades. | partially_verified | Confirm transaction volume and payment-method economics. |
| Pasarpolis | Insurance | Uses disbursement and validation features to send claims. | partially_verified | Confirm product usage and contract terms. |
| Traveloka | Travel | Uses Xendit reliable system to scale payments from all over the world per customer page. | partially_verified | Confirm active status, TPV and revenue. |
Customer page is company-controlled; treat as lead list for references.
partially verified confidence: medium
Strategic commercial relationships are partly inferable from licenses and partner-rail status incidents, but revenue contribution and marketing agreements are private.
| partner or supplier | role | public evidence | risk or gap |
|---|---|---|---|
| Bank Indonesia / Indonesian entities | Payment gateway and funds-transfer licensing context | License page lists PT Sinar Digital Terdepan and PT Syaftraco licenses from Bank Indonesia. | Need certificate, conditions, renewals and regulator correspondence. |
| Bangko Sentral ng Pilipinas / Philippine entities | Operator of Payment System, remittance/VASP and Dragonpay OPS context | License page lists Xendit Philippines, XenRemit and Dragonpay permissions. | Need official BSP confirmation and entity ownership map. |
| GoPay, BSS, Landbank, Alipay Philippines and bank/e-wallet rails | Payment/payout rails | Status page listed partner-end disruptions affecting e-wallet, virtual account, direct debit and transfers. | Need rail contracts, SLA remedies and redundancy. |
| MAS, BNM, BOT, SBV, Hong Kong MSO | Regulatory licenses/permissions outside Indonesia/Philippines | License page lists Singapore, Malaysia, Thailand, Vietnam and Hong Kong permissions. | Need local counsel review and license restrictions. |
Purchase amounts and commercial terms were not public.
not publicly verifiable confidence: high
Revenue by customer and any 5%+ concentration are not publicly verifiable. Customer logos do not disclose spend or contract economics.
| requested metric | public status | why it matters | priority |
|---|---|---|---|
| Top 15 customers by revenue/TPV for FY2024, FY2025, 2026 YTD | Not public | Identifies concentration and vertical/country exposure. | high |
| Any customer accounting for 5%+ of revenue | Not public | Material concentration can drive valuation discount and closing conditions. | high |
| Churn, NRR, cohort retention and terminated relationships | Not public | Validates revenue predictability and logo-page freshness. | high |
| Contract pricing, minimums, SLAs, exclusivity and termination rights | Not public | Determines durability and margin quality. | high |
Stub table required because private customer schedules are unavailable.
not publicly verifiable confidence: low
No public schedule of severed customer, partner or supplier relationships was found. This requires company confirmation.
not publicly verifiable confidence: medium
Top suppliers and purchase amounts are private. Status incidents identify examples of partner rails whose disruptions can affect service.
Xendit competes in payments infrastructure on local payment-method coverage, pricing, reliability, developer experience, licensing and regional distribution; true market share and win/loss are private.
partially verified confidence: medium
Public sources support benchmark axes but not Xendit market share or independent customer perception. The competitor set should include global PSPs, local gateways, bank/e-wallet rails and regional fintechs.
| competitor or category | segment | product overlap | public basis | diligence gap |
|---|---|---|---|---|
| Global PSPs (Stripe, Adyen) | Global payment acceptance/orchestration | Cards, alternative payment methods, APIs, enterprise payments | Analyst benchmark set; not fetched as verified competitor source in this run. | Win/loss, pricing, approval rates and regional coverage. |
| Indonesia gateways / bank PSPs (DOKU, Midtrans and bank-owned rails) | Local Indonesia payment gateway and bank rails | Virtual accounts, e-wallets, cards, QR and payouts | Benchmark category derived from Xendit product axes and local market structure. | Local market share and merchant switching costs. |
| Philippines providers (PayMongo and local processors) | Philippines SMB/online payments | Cards, e-wallets, payment links and merchant APIs | Benchmark category for Xendit Philippines footprint. | Country-specific pricing, licenses and enterprise wins. |
| Banks, e-wallets and payment networks | Direct rails and partners/competitors | Payment acceptance, payouts, wallets, settlement and FX | Status incidents and license page show rail dependence. | Partner bargaining power, exclusivity and direct-to-merchant risk. |
Competitor-specific sources should be fetched in a deeper market diligence workstream.
| axis | xendit public position | relative risk | evidence or gap |
|---|---|---|---|
| Payment-method/local coverage | 100+ payment methods across SEA and multi-country license page. | Medium | Need country-by-country live rails and approval rates. |
| Price/take rate | Public MDR/fixed-fee table. | High | Need realized discounts and competitor pricing. |
| Reliability/SLA | Homepage links to 99.999% uptime content; status page shows current partner incidents. | High | Need SLA history, incident postmortems and customer credits. |
| Developer experience | Docs and API reference are public. | Medium | Need developer NPS, integration times and support metrics. |
| Regulatory trust | License page lists multiple regulated entities. | Medium | Need regulator confirmations and compliance history. |
Scores are analyst judgments for follow-up prioritization.
Public evidence indicates a hybrid self-serve, developer-led and sales-led GTM, with customer stories and localized regional pages; CAC, quota productivity and budget sufficiency are private.
partially verified confidence: medium
Homepage CTAs, docs/API reference, customer stories and localized pages support public GTM positioning. Channel economics and execution performance are not public.
| channel | public evidence | likely motion | missing metric |
|---|---|---|---|
| Self-serve signup | Homepage says Try Xendit for free in just 5 minutes and links Sign up now. | PLG / SMB onboarding | Signup-to-live conversion, KYC failure, activation and long-tail margin. |
| Contact sales / enterprise | Homepage provides Contact Sales CTA. | Sales-led enterprise and platform deals | Pipeline, ACV, cycle length, quota attainment and discounting. |
| Developer docs and API reference | Docs navigation includes Documentation and API Reference. | Developer-led integration | Integration time, developer satisfaction and support burden. |
| Customer stories / vertical pages | Customer page and homepage customer-story links by vertical. | Social proof and vertical marketing | Lead attribution, conversion and reference freshness. |
| Regional/localized pages | Homepage language/country links include ID, EN-PH, EN-ID, EN-MY, TH, EN-TH, EN-VN, EN-HK and EN-SG. | Country-localized acquisition | Country-level CAC/payback and regulatory conversion friction. |
Public channels do not prove efficient acquisition.
| signal | public evidence | verification status | follow up |
|---|---|---|---|
| Funding PR and credibility | TechCrunch, Business Wire and Forbes financing coverage. | verified | Assess whether financing headlines continue to support demand generation. |
| Pricing transparency | Public pricing table across payment methods. | verified | Compare against realized contracted rates and competitors. |
| Customer vertical proof | Customer page segments e-commerce, marketplaces, gaming, insurance and travel. | partially_verified | Confirm customer logos and source pipeline attribution. |
| Reliability thought leadership | Homepage links to blog/case-study content referencing 99.999% uptime. | partially_verified | Request SLA data and independent uptime evidence. |
Marketing reach metrics were not public.
not publicly verifiable confidence: medium
Public references do not reveal major-customer trends, pipeline or future-growth prospects.
partially verified confidence: medium
Public avenues include self-serve signup, developer docs, contact sales, customer stories and regional localization; actual sourced ARR/TPV by channel is private.
not publicly verifiable confidence: low
Sales compensation, quota, sales-cycle and hiring-plan details are private.
not publicly verifiable confidence: low
Marketing budget sufficiency is not public. Funding history suggests capital access but not current budget, burn or ROI.
Public documentation and product breadth indicate meaningful product/R&D activity, but R&D budget, roadmap governance, key technical personnel beyond founders, security evidence and delivery risk are private.
partially verified confidence: medium
Docs/API reference and a YC platform-engineering job support an active technical organization, but no complete R&D org, budget or key-person map is public.
| name or role | public role signal | source | diligence request |
|---|---|---|---|
| Moses Lo | Co-founder and CEO in Business Wire; founder on YC profile. | Business Wire / YC | Confirm current role, board seat and technical/product ownership. |
| Tessa Wijaya | Co-founder and COO in Business Wire. | Business Wire | Confirm current operating/compliance remit and tenure. |
| Bo Chen and Juan Gonzalez | Founders listed by YC. | YC | Confirm current involvement, IP assignments and vesting. |
| Senior Software Engineer - Platform | YC profile listed one remote platform engineering job. | YC | Map platform team, roadmap load and retention. |
| Security/fraud/R&D roles | Docs/products include Fraud Detection and security-related product areas. | Docs/Homepage | Identify leaders, budgets and incident/security ownership. |
Public sources do not provide a complete current R&D org chart.
not publicly verifiable confidence: medium
Public pages show products such as treasury, identity verification, BaaS and e-money, but pipeline timing, development cost and critical technology risks are private.
| project or product | public status | expected date | verification status | private request |
|---|---|---|---|---|
| 100+ payment methods / regional expansion | Marketed on homepage | Not public | verified product claim / roadmap private | Live-method matrix and launch roadmap by country. |
| Global treasury and 17-currency payouts | Marketed on homepage | Not public | partially_verified | Country/currency availability, float risk and bank partners. |
| Fraud detection and identity verification | Marketed in homepage/docs | Not public | partially_verified | Model/process controls, false positive rates and compliance reviews. |
| Banking-as-a-Service / E-money-as-a-Service | Marketed on homepage | Not public | partially_verified | License basis, partner contracts, capital requirements and roadmap. |
No development cost or launch dates were public.
Public sources verify some founders/executives and a 700 team-size anchor, but current org chart, compensation, option plans, employee relations, attrition and function/location detail are private.
not publicly verifiable confidence: medium
No complete current org chart is public. Public sources identify founders/executives and regulated subsidiaries only.
| name | public role | public source | verification status | diligence request |
|---|---|---|---|---|
| Moses Lo | Co-founder and CEO; YC founder | Business Wire / YC | verified public role | Current bio, employment agreement, equity and board role. |
| Tessa Wijaya | Co-founder and COO in 2021 Business Wire release | Business Wire | partially_verified / may be stale | Current role, responsibilities and tenure. |
| Bo Chen | Founder listed by YC | YC | verified public founder listing | Current involvement and IP/equity status. |
| Juan Gonzalez | Founder listed by YC | YC | verified public founder listing | Current involvement and IP/equity status. |
| Other C-suite / country heads | Not public in retrieved sources | N/A | not_publicly_verifiable | Complete org chart and senior-management bios. |
Public roster may be stale; verify current leadership.
partially verified confidence: medium
YC provides one public headcount anchor of 700 and Jakarta location; historical/projected headcount by function/location is private.
| function or location | public evidence | public anchor | verification status | diligence request |
|---|---|---|---|---|
| Company-wide | YC profile | Team Size:700 | verified profile data / may be stale | Monthly headcount by entity, function, country and employment type. |
| Jakarta, Indonesia | YC profile location | Location: Jakarta, Indonesia | verified profile data | Office/entity employee counts and lease obligations. |
| Platform engineering | YC listed Senior Software Engineer - Platform job | 1 public YC job on retrieved profile | verified point-in-time | Engineering hiring plan, attrition and roadmap capacity. |
| Projected headcount | No public data | Not public | not_publicly_verifiable | Board-approved hiring plan and budget. |
Single public anchor is not a full workforce analysis.
partially verified confidence: medium
Public biographies are incomplete; founders are identifiable but complete current senior-management bios, tenure and ages are not public.
not publicly verifiable confidence: low
Key employment agreements, executive compensation and benefit plans are not public.
not publicly verifiable confidence: low
Option pool, equity incentive plan, refresh grants and vesting schedules are not public.
not publicly verifiable confidence: low
No public employee-relations schedule was found; this requires legal/HR confirmation.
not publicly verifiable confidence: low
Personnel turnover and retention/benefit plan data are not public.
| record | public status | risk | priority |
|---|---|---|---|
| Monthly voluntary/involuntary turnover by function/location | Not public | Loss of engineering/compliance/sales capacity. | high |
| Employee relations complaints, investigations and settlements | Not public | Hidden liabilities and culture risk. | high |
| Compensation and benefits plans | Not public | Retention and change-of-control obligations. | medium |
| Equity incentive plan and option pool | Not public | Underwater equity and dilution risk. | high |
Stub table due private HR data gap.
Public license evidence is material, but lawsuits, IP ownership, insurance, material contracts, regulatory history, counsel letters and official docket searches remain major data-room gaps.
inconclusive confidence: low
A CourtListener keyword search returned 0 published Xendit results, but no comprehensive local or paid docket search was performed.
| search scope | result | verification status | limitation |
|---|---|---|---|
| CourtListener keyword search for Xendit | 0 published results in retrieved U.S. search page | partially_verified | Not comprehensive; excludes local SEA courts, arbitration, paid dockets and subsidiary-name variants. |
| Company counsel litigation schedule | Not public | not_publicly_verifiable | Requires company/counsel disclosure. |
| Regulator/consumer/employment matters | Not public | not_publicly_verifiable | Requires local counsel and regulator searches. |
Absence of a public hit is not absence of claims.
not publicly verifiable confidence: low
No public schedule of lawsuits initiated by Xendit was found.
| matter type | public status | evidence | diligence request |
|---|---|---|---|
| Lawsuits initiated by Xendit | No public schedule found | CourtListener Xendit search returned 0 published results | Company/counsel schedule of initiated litigation and collections/IP disputes. |
| SEC/public-company filings | No relevant Xendit public-company filing identified in retrieved SEC search page | SEC search page reachable but not conclusive | Confirm no U.S. issuer obligations or enforcement matters. |
| Regulatory agency problems | License page lists permissions but no enforcement history | Company license page | Regulator correspondence, exams, notices, sanctions and remediation. |
Regulatory action review must be performed jurisdiction-by-jurisdiction.
not publicly verifiable confidence: low
As a fintech, environmental exposure is likely limited to offices and data/third-party operations, but employee safety and labor compliance records are private.
partially verified confidence: medium
Regulatory licenses are publicly listed, but official IP schedule, trademarks, patents, copyrights and software-license compliance were not verified.
| asset or permission | jurisdiction | public status | verification status | diligence request |
|---|---|---|---|---|
| Payment Gateway License Category 1 - PT Sinar Digital Terdepan | Indonesia | Listed by Xendit as from Bank Indonesia | partially_verified | Regulator confirmation and license conditions. |
| Xendit Philippines OPS; XenRemit remittance/VASP; Dragonpay OPS | Philippines | Listed by Xendit as BSP permissions | partially_verified | Official BSP certificates, ownership and compliance status. |
| MAS Major Payment Institution; BNM, BOT, SBV, Hong Kong MSO permissions | Singapore, Malaysia, Thailand, Vietnam, Hong Kong | Listed on Xendit license page | partially_verified | Local counsel review and official registry checks. |
| Xendit trademarks, patents, copyrights, software licenses | Global / relevant countries | Official IP schedule not public | not_publicly_verifiable | Trademark/patent search, OSS review and IP assignment records. |
Regulatory permissions are public company assertions; official confirmation required.
not publicly verifiable confidence: low
Insurance schedules and coverage limits are not public.
| record or contract | public status | why material | priority |
|---|---|---|---|
| Cyber, E&O, D&O, crime/fraud, professional liability insurance | Not public | Payments companies face fraud, data, operational and regulatory claims. | high |
| Bank, e-wallet, card-network and payment-rail agreements | Not public; status page shows rail dependencies | Determines SLAs, redundancy, fees, reserves and termination risk. | high |
| Top customer contracts and enterprise SLAs | Not public | Drives concentration, revenue durability and penalty exposure. | high |
| Cloud/data-processing/security vendor contracts | Not public | Determines data, uptime, cyber and business-continuity obligations. | medium |
Stub table due private contract/insurance data gap.
not publicly verifiable confidence: medium
Material contracts with banks, e-wallets, card networks, cloud/vendor providers, customers and regulators are private. Status incidents indicate critical rail dependencies.
partially verified confidence: medium
Company license page shows broad regulatory footprint, but no regulator correspondence, exams, enforcement history or official confirmations were reviewed.
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights and the supplied candidate row identify Xendit as a $1B Indonesia/Jakarta financial-services unicorn joined on 2021-09-14. | verified high | SRC-001SRC-014 |
| EC-002 | TechCrunch reported that Xendit raised a $150M Series C in September 2021 at a $1B valuation led by Tiger Global. | verified high | SRC-002 |
| EC-003 | Business Wire company announcement describes the $150M Series C, Xendit unicorn status, founders Moses Lo and Tessa Wijaya, and 2021 growth claims. | partially verified medium | SRC-003 |
| EC-004 | Forbes reported a $300M Series D in May 2022 led by Coatue and Insight, $538M total raised, and no disclosed valuation for that round. | verified high | SRC-004 |
| EC-005 | YC lists Xendit as active, founded in 2015, located in Jakarta, with team size 700 and founders Moses Lo, Bo Chen and Juan Gonzalez. | verified high | SRC-005 |
| EC-006 | Xendit publicly markets a multi-product payments, business-operations and financial-products platform across Southeast Asia. | verified medium | SRC-006 |
| EC-007 | Xendit publishes transparent indicative pricing for major payment and payout methods. | verified medium | SRC-007 |
| EC-008 | Xendit publishes customer references and use cases across e-commerce, marketplaces, gaming, insurance and travel. | partially verified medium | SRC-008 |
| EC-009 | Xendit publishes a multi-jurisdiction license/entity footprint across Indonesia, Philippines, Singapore, Malaysia, Thailand, Vietnam and Hong Kong. | partially verified medium | SRC-009 |
| EC-010 | Xendit maintains public developer documentation and API reference covering payments, payouts, platform and fraud-detection products. | verified medium | SRC-010 |
| EC-011 | Xendit status page showed operational APIs alongside multiple partner-rail incidents on the research date. | verified medium | SRC-011 |
| EC-012 | A public CourtListener keyword search returned 0 published Xendit results, but this is not a comprehensive litigation search. | partially verified low | SRC-012 |
| EC-013 | No public audited financial statements, management accounts, AR aging, backlog, burn or cash runway were found in retrieved public sources. | not publicly verifiable high | SRC-002SRC-003SRC-004SRC-006SRC-007 |
| EC-014 | Xendit cap table, fully diluted share count, option pool, preferences, warrants, debt and off-balance-sheet obligations were not public. | not publicly verifiable high | SRC-001SRC-002SRC-004 |
| EC-015 | Revenue by customer, top-15 customers, churn, NRR, contract economics and customer concentration are not publicly verifiable. | not publicly verifiable high | SRC-008 |
| EC-016 | Competition is likely intense because Xendit sells payment acceptance/payout infrastructure where buyers compare coverage, price, reliability, developer experience and licensing. | partially verified medium | SRC-006SRC-007SRC-009SRC-010SRC-016 |
| EC-017 | Xendit’s public GTM includes self-serve signup, contact-sales motion, developer documentation, customer stories and regional/localized pages. | verified medium | SRC-006SRC-008SRC-010 |
| EC-018 | Management depth, compensation, incentive plans, employee relations and turnover are mostly private despite public founder/headcount signals. | not publicly verifiable medium | SRC-003SRC-005 |
| EC-019 | Material IP, software licenses, insurance schedules, material contracts and official trademark/patent records were not publicly verified. | not publicly verifiable medium | SRC-006SRC-009SRC-010 |
| EC-020 | Xendit appears active and not publicly IPOed, acquired or shut down based on public profile, homepage and status evidence. | verified high | SRC-005SRC-006SRC-011 |
| EC-021 | Direct access limitations affected source collection; several Xendit pages were retrieved via reader mirrors after direct curl returned 403. | verified medium | SRC-015 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.