- Jakarta fintech startup Xendit laid off hundreds of employees to optimize efficiency and align with long-term plans.
- It’s their second round of cuts since August 2023 as they aim to boost market expansion in Southeast Asia.
- However, the moves could help Xendit consolidate resources ahead of its next growth phase.
Jakarta-based fintech startup Xendit has laid off hundreds of employees in a bid to optimize efficiency and align resources with long-term growth plans.
“This difficult decision helps position us to pursue new opportunities,” said Managing Director Mikiko Steven, “by ensuring our team structure matches strategic goals.”
A pattern of streamlining for growth
This marks Xendit’s second round of cuts since August 2023, when a small number of product team members were let go.
Xendit provides payment infrastructure enabling Southeast Asian businesses to process transactions. With over $500 million raised to date, the startup aims to boost market expansion.
Future prospects amidst industry shifts
The news comes as other Indonesian tech firms like Flip and Lazada similarly reduced headcount recently amid a push for leaner operations.
However, Xendit remains focused on the future. Said Steven, “We are confident Xendit has the talent and backing needed to continue innovating financial services across Southeast Asia.”
While workforce restructuring brings challenges, industry observers say the moves could help Xendit consolidate resources ahead of its next growth phase. The coming months will tell whether the startup’s bold strategic gambit pays off.
