Indonesian B2B payments orchestrator Durianpay eyes expansion following 5x growth spike
Published on June 12, 2023
Durianpay, a licensed payment orchestrator launched in 2020 and backed by AC Ventures, has announced its plans for further expansion following a remarkable financial performance in the first half of 2023. The company, headquartered in Singapore and Indonesia, has innovated in the Southeast Asian B2B payments landscape by providing businesses and developers with a broader range of payment options and a no-code interface to create workflows that put the merchant’s payment infrastructure on autopilot.
Earlier today, Durianpay reported an impressive financial trajectory, marking a 5x YoY growth since 2022 and a positive gross margin since its first year of operating. Set to report a 3x TPV surge for the first half of 2023, the startup credits the uptick to its latest B2B product that allows mid-market and large enterprises to fully automate their invoice processing and even process seamless incremental payments on large invoices. This is something that Durianpay Co-founder and COO Natasha Ardiani confirms is an unaddressed pain point in the market.
“The companies we work with often deal with hundreds and thousands of daily transactions and many large invoices simultaneously. To make matters more complicated, a great number of these invoices need to be paid by customers incrementally. In the past, this kind of high-touch tracking, matching, and organization work would mean increasing an in-house finance team’s headcount,” explained Natasha. “With Durianpay’s latest enterprise-centric product, businesses can now instantly match specific inbound transactions with their corresponding invoices, allow for incremental payments by the customer, understand precisely how much is still owed on each invoice, and more.”
Durianpay plans to expand its current team of 40 to accommodate for projected growth. The company will be making new hires across product, tech, operations, finance, and business development teams, with a specific focus on enhancing the merchant experience.
Natasha said, “One-time integration through a single API with Durianpay, 24/7 tech, and customer support, and a unique blend of features such as B2B checkout, make us a preferred choice for large enterprises. Durianpay is already outperforming existing solutions that require complex integration, manual reconciliations, and high costs.”
The company’s commitment to providing an enterprise-centric solution has won them clients from both tech-enabled platforms and traditional enterprises. Companies like eFishery, Evermos, Carsome, GoWork, and Transtrack have chosen Durianpay for their payment solutions, appreciating the platform’s automation capabilities from invoice issuance to payment collection and reconciliation.
Before launching Durianpay, Natasha had a strong foundation in the digital payments realm, having started Shopee Indonesia’s digital payment and PayLater business units. She was also in charge of OVO’s loan and collection division. Durianpay Co-founder Antara Sara Mathai comes to the table with experience in leading product teams at renowned fintech and SaaS companies such as Citrus Pay and OnlinePajak. Similarly, Co-founder Kumar Puspesh started Moonfrog, a premier game development company in India, backed by Sequoia Capital.
Antara said, “We are creating a system that makes the flow of money between businesses easier by digitizing, automating, and streamlining processes like purchase orders, invoices, payment collection, invoice tracking, and reconciliation. Before building these solutions, Durianpay held discussions with a variety of B2B players in Indonesia, both traditional and modern, and built a business payment system over their existing solutions.”
Currently, Durianpay provides one of the most versatile payment methods for both receiving and disbursing B2B payments in Indonesia. It is the only payment service provider in the market that has connections with the top ten banks and the top five e-wallets. This has been made possible due to a continuous commitment to developing and enhancing the platform’s payment infrastructure over the past year and a half.
Having identified the untapped potential in the B2B payments sector, Durianpay is now doubling down on vertical-specific solutions. Antara said, “We envision becoming a full-stack B2B-focused payments and financing layer that digitizes, automates, and eases capital movement across the supply chain.”