In Indonesia, 25 percent of the population currently has a smartphone, and smartphone penetration is growing by 20 percent year-over-year. But 80 percent of the population remains unbanked.
Xendit is a startup launching out of our current class that’s bringing trusted mobile financial services to a country where banks have yet to prove their relevance to the majority of the population. Built for both Android and iOS, Xendit’s app allows users to send or request money with just four taps of the phone.
TechCrunch’s Matthew Lynley wrote about Xendit in a story published today:
“The company is billing itself as a more private money-transfer
service that’ll beat companies like Venmo to the market in Southeast
Asia. Users can transfer money within private groups, as well as chat,
but it’s not about making those transactions public, co-founder Moses Lo
said. Since starting the beta a few months ago, the company has 13,000
people using the service.
Users load money onto Xendit and they can send and request money from
friends in the service or through phone numbers. The company not only
has to work with Indonesian banks, but also ATM networks, Lo said.
Southeast Asia, it’s the perfect storm,’ Lo said. ‘One is a huge
population with technology, two is nascent financial services, and third
is it’s one of the most viral regions. In Indonesia, there’s [greater
than 100 percent] penetration for phones. These people don’t have a bank
account, penetration credit card is 3 percent, but there’s a huge
population with technology.'”
Read the full story on TechCrunch here.