Jakarta, Indonesia – A recent wave of departures has hit the engineering team at Indonesian fintech startup Xendit. According to sources, at least 18 engineers have left the company since September, with most exits occurring in the past two months.
Layoffs and departures
The departures follow an earlier round of layoffs in August when Xendit cut a small number of product team members.
The latest exits span multiple roles and seniority levels, including senior engineers and engineering managers based primarily in Singapore, along with some staff in Indonesia.
Xendit’s response
Xendit stated the August layoffs aimed to streamline operations and accelerate product development by reducing organizational silos and communication overhead.
The company indicated the moves related more to internal structure than revenue or costs.
Xendit’s funding and expansion
The unicorn startup last raised $300 million in May 2022, bringing its total funding to nearly $500 million. Xendit attained unicorn status in 2021 on the back of solid growth in digital payment services across Southeast Asia.
Over the past two years, Xendit expanded offerings in markets like the Philippines while entering new countries, including Malaysia.
The company invested in Malaysian payment processor Payex earlier this year and has targeted Thailand and Vietnam for future growth.
Previous layoffs
Xendit also laid off about 5% of staff in Indonesia and the Philippines last year, citing an uncertain macroeconomic climate. Headcount peaked in mid-2022, according to LinkedIn data.
Xendit’s future plans
The recent engineer departures come as Xendit aims to accelerate product development and streamline operations.
While the macro environment remains cloudy, the company appears focused on building out technical teams to support rapid scaling.
