Xendit CEO Moses Lo became one of the successful young entrepreneurs from Australia. Enter the Forbes 30 Under 30 Asia List in 2016, making Moses Lo a success in the ranks of young Asian entrepreneurs, especially in the Finance & Venture Capital sector.
Having a face similar to that of an Indonesian, Moses Lo was suspected of being an Indonesian. It turned out that his Indonesian face was obtained from his mother who was an Indonesian, but he had Australian citizenship.
For those not yet in Xendit, Xendit itself is a peer to peer mobile payment service that focuses its business in the Southeast Asia region and is used for the Android and iOS operating systems. Because Xendit services also operate in Indonesia, Moses did not hesitate to mention if they were a local startup.
With the services offered by Xendit, users of this application can transfer money in their personal groups, as well as chat, of course.
The San Francisco Bay Area-based company not only works with Indonesian banks but also with a number of ATM networks.
Simply put, the user saves some money to Xendit and they can send or request money from friends at this service or through a telephone number.
The initial intention was to make Xendit when Moses Lo had an interest in the financial system.
When stepping on the high school he studied the financial system and the ins and outs of financial information and how the transaction went until everything related to it. From here began to have views and ideas for combining technology and financial systems.
But the thing that felt most to Moses Lo made Xendit came from a friend of South Sudan who tried to move money from Australia. He worked three jobs, went to university, and supported his family at home. He tried to get money back and it was very expensive to send money.
In the US, we think a lot about payments and how we can make better payments. We also think about which markets are the most interesting. Because I am from Southeast Asia, I want to come back here.
So we said, “Okay, what’s the biggest suffering in Indonesia?” And here, there are many problems with payments. It comes from a dirt road to a paved road. There are also basic things like when you send money from a bank transfer, it’s not reliable. So you have a very basic payment problem.