Xendit, an Indonesian unicorn (fintech) startup, and Shinhan Future’s Lab Indonesia have announced a collaboration in an accelerator program called XcaleUp. This program collaboration focuses on assisting the growth of startups in Indonesia and expected to have a positive impact on the Indonesian startup ecosystem. The name XcaleUp was inspired by the combination of the words “Scale-up” and the letter “X.” The term “scale-up” refers to the process of increasing the size of a small business. X stands for extraordinary, implying that the merged startups will be able to scale up and grow exponentially.

The XcaleUp program will be held for 14 weeks and it will aim to find and guide seed to pre-series A startup in Indonesia.  Selected local startups will participate in a series of networking activities with Shinhan Financial Group and Xendit partner networks, as well as mentoring with experts from various fields. Selected startups will also have the opportunity to receive funding from the Shinhan Future’s Lab investor network.

“We have accelerated 16 Indonesian startups that have joined our program since 2019. We will concentrate on growth and investment in the XcaleUp program. From that focus and approach, startups who join are expected to grow business scale as well as receive funding from investor,” said James Lee, Head of Shinhan Future’s Lab Indonesia.

On the same occasion, Moses Lo, Co-founder and CEO of Xendit, said, “Xendit is thrilled to be working with Shinhan Futures Lab to provide a platform for Indonesian startups to expand and accelerate their operations. We hope that the startups that are a part of this program can make the most of it and reach their full potential.” Moses continues, “We will continue to support young people in developing innovative ideas that have a positive impact.”

One of the Shinhan Future’s Lab Indonesia graduates in batch 2, Job2Go, revealed that the accelerator program at Shinhan Future’s Lab Indonesia was extremely beneficial to him. “Job2Go can expand business relationships with parties affiliated with Shinhan Future’s Lab Indonesia and increase knowledge and action-driven steps regarding various aspects of developing an agile startup business,” said Kurniawan Santoso, CEO and Co-Founder of Job2Go.

Registration for the XcaleUp program has been open since February 2 and will close on March 2, 2022; applicants can register at www.sflindonesia.com/xcaleup. One of the benefits of this acceleration program is that there is no restriction on the sector of startup that can participate. Furthermore, the XcaleUp program is supported by many of Venture Capitalists who have provided funding to Indonesian startups, including MDI Ventures, East Ventures, Sovereign Capital, Golden Gate Ventures, Benson Capital, Gayo Capital, Init6, Genesia Ventures, Skystar Capital, Futureplay, 1982 Ventures, Arkblu Capital, Indogen Capital, Orbit, Cyberagent Capital, Alpha Momentum, Kinesys Group, Kolibra Capital, Monks Hill Ventures, Venturra Discovery, Spiral Ventures, Mandiri Capital, and GK Plug and Play Indonesia.

The community and business partners who have helped a lot in the growth of the startup ecosystem in Indonesia also support this XcaleUp program, such as CISION PR Newswire, KUMPUL, Achmad Zaky Foundation, StartupLokal, KOTRA, AWS, New Energy Nexus, Union Space, Impala, Cubic, Connext , Innovation Factory, Ngalup.Co, COHIVE, ANGIN, and Startup4industry.id.

SOURCE Shinhan Future’s Lab Indonesia; Xendit