Jakarta, Gizmology – The beginning of 2024 was marked by the layoff action of a number of startups. One of the most recent, the financial technology company Xendit laid off its employees. Based on a leak on the Instagram account @ecommurz (22/1), the fintech startup which provides payment solutions for businesses in Indonesia has laid off at least 200 employees.
Ecommurz has recently shared a compelling Instagram story revealing a screenshot of a Direct Message confirming that Xendit has made the difficult decision to downsize its workforce. The numbers speak for themselves – a significant reduction from 871 employees to 671.Of course this is bad news after news of Google and Lazada layoffs in the technology industry.
Xendit also confirmed this to Gizmologi. Xendit Indonesia Managing Director, Mikiko Steven, stated that the layoffs aimed to re-organize the company and ensure its long-term strength.
“Xendit has undertaken organizational rebalancing to maximize the company’s long-term resilience and support its focus on increasing profitability,” said Mikiko.
Xendit Lays Off Employees
Mikiko thanked all the team members for their contribution to the success and growth of Xendit.He also admitted that choosing to reduce workers at the company was a difficult process.
He explained that although the process was challenging, it was necessary to realign resources with our business strategy, enhance the efficiency of our team, and secure our optimal position to pursue new growth opportunities.
He also assured that this decision would not have an impact on the company’s commitment. Xendit is committed to empowering clients and building innovative fintech solutions.
“We remain the leading payment gateway in Indonesia and the Philippines, and we hope to build payment infrastructure throughout Southeast Asia,” he explained.
From additional information from Ecommurz, the news about Xendit layoffs was informed directly by the CEO at the time townhall or a large company meeting. Without going into further detail, the CEO explained directly that there would be layoffs. As for Moses Lo, he is listed as Co-Founder & CEO of Xendit.
Xendit’s work in the Fintech Industry
Xendit’s long journey from a startup to a unicorn is certainly not easy. Starting from looking for investment or funding to grow big and stumbling on a lack of profitability could perhaps be said to be the rise and fall of Xendit. Fortunately, the company chose to continue and hopefully Xendit’s journey will continue in the future.
Xendit now operates in Indonesia, the Philippines and Southeast Asia, ranging from MSMEs, startups, e-commerce to large companies. Xendit enables businesses to accept payments, run marketplaces and more, through an easy integration platform and supported by 24-hour customer service. Amid a fragmented payments landscape in Southeast Asia, Xendit enables businesses to accept payments from direct debit, virtual accounts, credit and debit cards, eWallets, QRIS, retail outlets and online installments.
In the information on its blog page, it is stated that throughout 2023 Xendit will process more than 300 million transactions. The total transaction value alone reached USD 25 billion.
Article entitled Fintech Xendit Lays Off 200 Employees, This is the Reason written by Zihan Fajrin first appeared on Gizmology
The Indonesian version of this article can be read in Gizmologi.ID