South East Asian fintech unicorn Xendit is shedding 5 % of its employees simply months after securing a $300,000 invesment spherical.
Over the past yr, Xendit has tripled annualised transactions from 65 million to 200 million and elevated whole funds worth from $6.5 billion to $15 billion. Thec ompany at the moment employs 600 employees worldwide.
On the time of its current funding spherical in Might, founder and CEO Moses LO, mentioned: “We intend to maintain reinvesting in new markets, enhancing our Xendit platform, and increasing our enterprise strains so we are able to seize the most important and finest alternatives.
Many of the upcoming layoffs might be in Xendit’s residence market of Indonesia and the Philippines.
“Xendit has at all times tried to arrange the very best marketing strategy however the present unsure macroeconomic scenario has pressured us to endure a rightsizing of construction and group sources,” says chief working officer and cofounder Tessa Wijaya. “Workforce rightsizing is a tough however crucial choice to make to optimize our short- and long-term place for the sake of the corporate’s well-being.”
Xendit not too long ago invested in Financial institution Sahabat Sampoerna, a personal financial institution in Indonesia that focuses on micro and SME companies, in addition to banking-as-a-service for technology-enabled companies. To enhance its growth into the Philippines, Xendit made an funding into native fee gateway, Dragonpay.
The corporate had additionally been eyeing new markets in Thailand, Malaysia and Vietnam, which can now be placed on the again burner.
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