Jakarta. Indonesian financial technology (fintech) startup Xendit is undergoing a new round of employee layoffs, following the footsteps of startups Lazada and Zenius, which also implemented workforce reductions earlier this year.

 "Xendit has undertaken organizational adjustments to maximize the company's long-term resilience and support its focus on improving profitability," Mikiko Steven, the Managing Director of Xendit Indonesia, announced on Monday.

Mikiko did not provide details on the number of employees affected by the layoffs.

"We express our gratitude to all our team members for their contributions to our success and growth throughout our journey," Steven added.

He reassured that the workforce reduction would not impact the company's operation. In 2023, Xendit processed 300 million transactions amounting to $25 billion (Rp 391.36 trillion).

"We remain a leading payment gateway in Indonesia and the Philippines, and we hope to build payment infrastructure across Southeast Asia," he said.

This is not the first time Xendit has implemented employee layoffs. In October 2022, the company reduced its workforce by 5 percent in Indonesia and the Philippines.

Xendit is Indonesia's first fintech unicorn, a term for startups with a valuation exceeding $1 billion. The company achieved this in 2021, after receiving funding from Tiger Global Management amounting to $150 million. 

Apart from Xendit, two other technology companies in Indonesia have also experienced significant layoffs. Edutech startup Zenius shut down its operations after two decades, while Lazada laid off an undisclosed number of its workforce, impacting employees in six countries, including Indonesia.

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