Indonesia’s payment gateway unicorn firm Xendit has integrated Philippine payments firm Dragonpay into its platform, four years after making a strategic investment in the company. With this, Dragonpay is now a Xendit company, per a company statement.
Dragonpay‘s addition follows Xendit’s full acquisition of Malaysia’s Payex in 2025 and its expansion into Thailand in 2024, as it seeks to build one unified payments network across the region, now spanning Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Singapore and Hong Kong.
A Xendit spokesperson told DealStreetAsia that the deal follows Xendit’s acquisition of Dragonpay in 2021 through its strategic investment.
“All merchant onboarding now runs through Xendit, while Dragonpay keeps its own brand and local presence in the Philippines,” the spokesperson said.
Dragonpay founder Robertson Chiang continues to lead Dragonpay. Xendit declined to provide financial details as well as individual ownership details.
Dragonpay, founded in 2010, was among the first companies to offer alternative online payment options in the Philippines, enabling consumers to pay through online banking, e-wallets, and over-the-counter channels.
The company currently serves 905 merchants and works with 44 partners, including banks, non-bank financial institutions, and e-wallet operators.
Xendit said Dragonpay merchants will be migrated to Xendit’s platform, giving them access to more than 100 payment methods, as well as payout, cross-border payments, and financing services.
The deal, according to Xendit, strengthens the Southeast Asian payments infrastructure provider’s position in the Philippines as competition intensifies among payment providers seeking to capitalise on rising digital transactions across the region.
“Bringing Dragonpay into Xendit gives Filipino businesses the best of both worlds: Dragonpay’s trusted local network and Xendit’s regional infrastructure, technology and growing cross-border capabilities,” Xendit co-founder and CEO Moses Lo said.
Dragonpay competes with a growing number of payment infrastructure providers in the Philippines, including homegrown payment gateway PayMongo, enterprise payments firm Paynamics, Maya’s merchant payments business, and regional payment platform 2C2P.
While Dragonpay built its business by pioneering alternative payment methods such as online banking, over-the-counter cash payments, and e-wallet integrations for consumers without credit cards, rivals have also increasingly expanded their own offerings.
Dragonpay founder Robertson Chiang said the company’s merchants and partners would continue to receive local service, now backed by Xendit’s broader regional platform.
Xendit entered the unicorn club in 2022 following a $300 million Series D funding round led by global investors Coatue Management and Insight Partners. The round was joined by Accel, Tiger Global, Kleiner Perkins, EV Growth, Amasia, Intudo, and Justin Kan’s Goat Capital.
