Indonesia-based Fintech Startup Xendit Goes Unicorn

Fintech startup Xendit, best known for its digital payment infrastructure, recently announced its additional $150 million fund led by Tiger Global Management, rounding up its Series C funding to $1 billion. The fund is also backed by returning investors Accel, Amasia and Goat Capital, the venture firm co-founded by former Y Combinator partner Justin Kan. This addition has officially made Xendit the newest SEA’s unicorn startup. 

As its tagline goes “a Stripe alternative built for businesses in Indonesia and Southeast Asia”, Xendit provides more than digital payment as it is also experimenting on capital loans and credit card issuing. Before the pandemic, Xendit’s primary customers were those in the travel industry. As the global crisis shattered the sector, it is now looking for new opportunities in different segments by expanding their scope. Some of Xendit’s competitors are Midtrans in Indonesia, which was acquired by Gojek in 2017, and PayMongo in the Philippines, which is backed by Stripe.

Behind the Success: Xendit’s Customer Journey

Xendit believes having a great customer journey map is crucial in their business scheme because it helps them gain insights on their customers. By creating a journey map, Xendit aims to get a clear knowledge on their users’ experiences and expectations. In doing the effort, Xendit also utilizes their social media channels exclusively for the purposes of humanizing their customers, which is an important value for Xendit. The data gathered in the customer journey map will eventually allow Xendit to approach potential customers with a more effective strategy. 

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Xendit lists five steps of customer journey that every company should pay more attention to:

  1. Raising awareness through marketing endeavours. Xendit emphasizes this step as the customer’s first impression of your product and service. Awareness could be reached by utilizing all marketing channels such as social media, website and blog.
  2. Cultivating online presence to win over potential customers. By the time a potential customer has the general information about your product and service, your brand needs to meet their expectations. Xendit believes that any company will successfully get through this phase by having an online presence that shows potential customers that your brand is solid and can be trusted.
  3. Convincing brand persona. With a great online presence, you are half-way to getting a new customer, the next step is to convince them that other people also think that your brand is the best choice in the market. This step is usually done online through Google Review, social media feedback and words of mouth.
  4. Make their first purchase the best purchase. Make sure that the product or service a new customer purchased is in their best condition. Purchasing process is also another crucial step that would affect a new customer’s impression of your brand. 
  5. Handling customer’s reviews. Reviews are important to any business, especially online ones, so always encourage your users to leave a review of your product or service. Obviously, there would be a time where a customer’s experience is not optimal and they would leave a bad review on your page. This, too, should be handled quickly and professionally so that even if the fault is on your company, the next potential customer would see that your brand has the good intention to always improve.

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