XenCapital Secures $50 Million Credit Facility from Helicap
What's the deal? XenCapital, the lending arm of Singapore-based fintech unicorn Xendit, has secured a $50 million credit facility from alternative lender HelicapDealroom has a profile for this one. Try Dealroom →. The capital will help XenCapital expand financing to underbanked merchants in the Philippines and other Southeast Asian markets.
"This collaboration enables us to expand our reach and provide much-needed capital to our merchants in the Philippines and beyond," said Moses Lo, co-founder and chief executive officer of Xendit.
XenCapital offers flexible financing to underbanked businesses, using alternative data sources and proprietary risk-scoring models to underwrite borrowers that traditional banks often overlook.
Why now? Southeast Asia faces a $400 billion funding gap that conventional banks have been unable to close, according to Helicap. The region is home to roughly 300 million underbanked people — a massive addressable market for alternative lenders willing to deploy capital through non-traditional channels.
Helicap, which connects international investors with private debt opportunities in the region, has facilitated more than $370 million in transactions since 2018 and deployed roughly $400 million through its in-house analytics capabilities. It recently raised an undisclosed sum led by Malaysian financial conglomerate KenangaDealroom has a profile for this one. Try Dealroom →, at an 8% interest rate.
Other Helicap backers include Credit SaisonDealroom has a profile for this one. Try Dealroom →, Temasek-backed Tikehau CapitalDealroom has a profile for this one. Try Dealroom →, PhillipCapitalDealroom has a profile for this one. Try Dealroom →, East Ventures, Access Ventures, Voveo Capital, and SoilbuildGroup.
What could go wrong? Lending to underbanked businesses carries inherent credit risk. Alternative data and novel scoring models remain less battle-tested than traditional underwriting, particularly through economic downturns. Regulatory environments across Southeast Asia also vary widely, adding compliance complexity as XenCapital scales across borders.
The signal: Xendit sits at late growth stage according to Dealroom, and this credit facility signals its evolution from a pure payments unicorn into a broader financial services platform — a playbook increasingly common among Southeast Asian fintechs seeking to monetise existing merchant relationships. With Helicap operating as a corporate investor channelling institutional capital into the region's vast underbanked segment, the deal underscores how alternative lending infrastructure is maturing to fill the gap traditional banks continue to leave open.
Read more: startuprise.org
