In today’s episode of Scaling Today, we had the privilege of talking to Moses Lo, co-founder and CEO of Xendit, Southeast Asia's leading payment gateway provider. Moses shared his incredible journey from building a Venmo-like platform to revolutionizing payment infrastructure for businesses across Indonesia, the Philippines, Malaysia, Thailand, Vietnam, and Singapore.
If you’re a startup founder or curious about scaling a business in the competitive fintech industry, this conversation is packed with actionable insights.
Growing up as a ‘third culture kid’ taught me to turn challenges into strengths. It’s given me a unique perspective that I’ve carried into building Xendit. - Moses Lo
Here is the transcript of our conversation:
Yuying Deng
All right. Hi, everyone. Welcome to Scaling Today, the podcast where we explore the future of work and how companies scale. I’m your host, Yuying Deng, and today we have an exciting episode lined up for you. Our guest is Moses Lo, the CEO and co-founder of Xendit, a leading payment gateway solution in Southeast Asia and soon, perhaps, the world. I’ve known Moses for close to two years, and I’ve always been impressed by his thoughtfulness in building Xendit.
I’m thrilled to have him on the podcast today. Xendit has been growing at 25% month-over-month for the past two years and processes millions of transactions monthly. When it comes to scaling, I think it’s safe to say that Moses is a master. Welcome to the show, Moses! Would you like to share a few words with our audience?
Moses Lo
Thanks so much for having me. I’ll start with a quick intro about our business. We’re a payments company operating throughout Southeast Asia, processing about $45 billion across Indonesia, the Philippines, Malaysia, Thailand, Vietnam, and Singapore. We’re proud to serve startups and tech companies as the tech industry grows in the region. While we’re a Southeast Asian company, I was raised mostly in Silicon Valley, so I like to think we’ve broken a few “bamboo ceilings” along the way. For investors like Y Combinator, Accel, Kleiner Perkins, and Insight, we’re often their first or biggest investment in the region. I’m really excited to chat more today.
Yuying Deng
Great! Moses, can you share a bit about your background? I know you grew up in several different countries. What inspired you to co-found Xendit, and what was your initial vision for the company?
Moses Lo
Sure. My mom’s from Indonesia, my dad’s from Malaysia, and I was born in Singapore. I’ve lived in Penang, Australia, the U.S., and back in Indonesia. I’m a bit of a “third culture kid” and have always felt somewhat like a foreigner wherever I am. But over time, I learned to turn that into a strength. Growing up in so many places gave me opportunities I wouldn’t have otherwise had, and I’m grateful for it.
Finance was always on my mind. I once told my dad, around age 12, that I wanted to own a bank. That early fascination with finance led me to study finance and information systems, which eventually brought me into the world of fintech. After undergrad, I worked at BCG in management consulting, then went to business school in Silicon Valley to learn about tech and startups. I wanted to bring something valuable back to the region—to build something that could positively impact Southeast Asia. The vision for Xendit was to build something that would change the industry, and one day, I’d love to see a “Xendit Mafia,” similar to the PayPal Mafia, where former Xendit employees go on to start amazing companies.
Yuying Deng
That’s inspiring! Xendit originally started with a more B2C, Venmo-like business model, right? But then you pivoted to B2B payments. What drove that shift, and how did it help you better fit the Southeast Asian fintech market?
Moses Lo
We initially won an Andreessen Horowitz-sponsored Bitcoin hackathon with the idea of using crypto to help domestic workers send money from Hong Kong to Indonesia. We got into Y Combinator with that idea, but quickly realized it wasn’t working. We then pivoted to launch a Venmo-like e-wallet for Indonesia and managed to gain 16,000 users within a week. However, six months later, we pivoted again to focus on B2B payments. A friend offered to pay us if we created APIs for businesses, and we saw that as the beginning of product-market fit. We wanted to solve a meaningful problem for Southeast Asia, and pivoting allowed us to better address the region’s needs.
Yuying Deng
Sixteen thousand users sounds like product-market fit. Why pivot with that kind of traction?
Moses Lo
We were following a consumer fintech strategy, similar to what PayPal did early on. It involves gaining users by giving away money. But to succeed in e-wallets, you need easy access to the source of funds, and I didn’t see us being the best player for that. We decided to pivot to an area where we could be number one and create something unique for the region.
Yuying Deng
That makes sense. I read that during COVID, Xendit not only weathered the storm but actually expanded internationally. What gave you the confidence to push forward when so many other companies were pulling back?
Moses Lo
It was more a matter of necessity than strategy. At the start of COVID, we were only operating in Indonesia, and 50% of our business was in travel. Within two months, our revenue dropped 90%, so we had no choice but to survive. We embraced Warren Buffett’s idea of being “greedy when others are fearful.” We decided to diversify both geographically and by industry. We launched in the Philippines, which allowed us to become the number one player there within two to three years.
Yuying Deng
So what new customer segments helped you during COVID?
Moses Lo
We started focusing on industries like telcos, food delivery, e-commerce, and online services—things we knew would do well during the pandemic. We tapped into digital products and quickly aligned with the platforms serving those industries, which allowed us to bounce back quickly.
Yuying Deng
And now you’re in multiple countries, right?
Moses Lo
Yes, we recently launched in Malaysia and Thailand, and we’re aiming to cover all of Southeast Asia soon.
Yuying Deng
Xendit operates with a distributed team across Southeast Asia, the U.S., and parts of Europe. What led you to adopt this setup, and how has it benefited your company?
Moses Lo
It started out of necessity because one of our co-founders was in the U.S. With our team distributed across time zones, we could respond to issues at any time of day, which has been helpful given the unpredictable nature of payments infrastructure in Southeast Asia. We also made strategic choices, like using English as our main language and adopting the Amazon “six-pager” method for meetings, which allows everyone’s voice to be heard. This distributed setup helps us adapt to local markets while retaining a regional approach.
Yuying Deng
That’s impressive. Managing a distributed team must be challenging, especially in finding the right talent. How do you ensure you’re recruiting the right people for Xendit?
Moses Lo
We have a “trial day” where candidates work with us on a real problem. Instead of us interviewing them, they interview us and come up with solutions. We’re very open about our bias for action, so we look for people who can show initiative. It’s also a chance for us to see how they interact with junior team members, which reveals a lot about their character.
Yuying Deng
I tried implementing a trial day at my company, but some candidates found it difficult to commit. Did you face similar challenges?
Moses Lo
Yes, and we still do. But we tell candidates that if they’re not willing to spend one day with us, maybe they’re not the right fit. We also offer flexibility, allowing trial days on weekends or public holidays. It helps us attract people who are truly committed and aligns with our company culture.
Yuying Deng
As Xendit has scaled, how has your role as a founder evolved, and how have you adapted as a leader?
Moses Lo
In the beginning, I was a player on the field, selling and handling customer support every day. Then I shifted to a “player-coach” role, where I still played but started coaching teams. Eventually, I became more of a coach, focusing on the company as my product, not just our services. Now, I’m more of a manager, taking on problems no one else can solve and focusing on bigger-picture questions. I still enjoy talking to customers, but my main focus is now on building the company.
Yuying Deng
Thank you, Moses, for the valuable insights. Is there anything else you’d like to share about scaling a distributed team?
Moses Lo
One thing I’d add is the importance of having mentors. In Southeast Asia, I think we’re often too hesitant to share ideas or discuss our weaknesses. I’ve always had mentors two, five, and ten years ahead of me, which has been incredibly helpful. The people who have navigated similar challenges can offer invaluable guidance, and I’d encourage anyone scaling a business to build a similar network.
Yuying Deng
Great advice! How did you persuade mentors to help you, especially those who haven’t invested in Xendit?
Moses Lo
I reach out to people through my network and always ask if they know someone else I should speak with. I also follow up with them periodically, letting them know how their advice worked out. It shows them I’m genuinely interested in their guidance, and that keeps them engaged. It’s about building relationships and showing people you’re committed to learning and growing.
Yuying Deng
Thanks so much for being here today, Moses!
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