AC Ventures’ portfolio company, Durianpay, officially joins Sequoia’s Surge, a rapid scale-up program. Durianpay is one of 23 selected startups in the fifth cohort with total funding $55 million from Surge and co-investors.
Durianpay carries a vision to modernize payment systems in Southeast Asia (SEA) which helps improve the customer and merchant experience.
“We’re building a fully integrated and comprehensive payments stack that enables businesses to grow and scale. Durianpay has launched in Indonesia with one-stop solutions for frictionless checkout, easy-to-integrate modern APIs, and a single dashboard to manage payment processes across local payment methods,” said Natasha Ardiani, Co-Founder & COO of Durianpay.
Durianpay sees the tremendous potential that exists in SEA. The phenomenon in this region shows that there has been a boom in the consumer market in the e-Commerce sector and other super applications in recent years. However, this growth is not in line with the growth of the payments capability in Indonesia.
“There is a proliferation of payment methods, a lack of mobile optimization, and a reliance on multiple manual processes. This causes problems for consumers and merchants alike – from high cart abandonment rates due to checkout friction to time-consuming, error-prone, and fraud-prone manual steps,” explained Antara Sara Mathai, CEO & Co-Founder of Durianpay.
Some solutions offered by competitors require complex integration, while others let business owners reconcile their payments manually. The majority of them charge high prices for small entrepreneurs.
Trying to overcome this problem, Durianpay innovates by presenting products that can bridge the technology gap in the market. Through a single integration, Durianpay offers access to a wide range of payment options and a no-code interface where businesses can create workflows that automatically deploy merchant payments infrastructure. The checkout and payment processes are fully customizable by the merchant.
As a result, businesses can change their payment infrastructure without requiring external intervention and the ability to connect third-party solutions for fraud, KYC, CRM, or Business Intelligence directly into these systems without incurring additional burdens on their product, finance, or technology teams.
“We are bullish in the growth of digital payment as a sector and with that, there will be increasing demand for a solution to answers all the technical difficulties around it. We are excited to partner with Durianpay to upgrade how digital payment is integrated and done in Indonesia. We have witnessed our portfolios going through pain points which can be solved through an easily integrated and error-free payment gateway aggregator which Durianpay is building,” said Adrian Li, Managing Partner of AC Ventures.
Launched in September 2020, Durianpay, headquartered in Singapore and Indonesia, was founded by Antara Sara Mathai, Kumar Puspesh, and Natasha Ardiani. Each of the founders has the experience that supports them in realizing Durianpay’s mission to modernize the payment system in SEA.
Antara (Co-Founder & CEO of Durianpay) has led product teams in the FinTech and SaaS sectors, including Citrus Pay and Online Pajak. Meanwhile, Puspesh (Co-Founder of Durianpay), the was founder of India’s top game development company, Moonfrog. Natasha Ardiani (Co-Founder & COO of Durianpay) is the figure behind Shopee Indonesia’s digital payments and PayLater businesses. She also briefly led the OVO lending and collection business.
With the strong background of the founders, supported by the experience of joining Surge, Durianpay is ready to bring a more significant impact in the SEA market.