Tessa Wijaya: A Unicorn Among Unicorns
Tessa Wijaya describes herself as "a unicorn among unicorns among unicorns." As an Indonesian woman leading a $1 billion financial technology start-up in Southeast Asia, she embodies a rare breed in a predominantly male-dominated industry. The statistics are stark: women hold only 7% of leadership positions in fintech, a sector that is crucial for the modern economy. Yet, Wijaya is determined to change this narrative by inspiring more women and girls to pursue careers in technology.
A $1 Billion Female Founder
Tessa Wijaya is the co-founder and Chief Operations Officer of Xendit, an Indonesian fintech platform that facilitates digital payments for businesses across Southeast Asia, including major players like Grab, Wise, and Traveloka. Since its inception in 2015, Xendit has experienced remarkable growth, processing over 65 million transactions worth $6.5 billion annually. The company achieved "unicorn" status—valued at $1 billion—in September 2021, marking a significant milestone in its journey.
Despite her success, Wijaya often reflects on the improbability of her achievements. "The unlikelihood of someone like me—a woman born and raised in a small town in Indonesia—becoming a co-founder in a tech company invested in by billion-dollar funds does not escape me," she shares.
Finding Her Feet in Finance
Growing up in Indonesia, Wijaya felt different from her peers. While other girls played with dolls, she preferred G.I. Joe action figures. Her ambition was fueled by her grandmother, who ran a small food business while raising her and her cousins. In her early 20s, she landed an analyst position at a new private equity fund in Jakarta, despite lacking traditional finance experience. Her critical thinking and determination impressed her employers, and she dedicated her evenings to studying the industry.
However, the journey was fraught with challenges. As one of the few women on her team, she often struggled to make her voice heard. Lacking an Ivy League degree, she faced skepticism from colleagues, including a general manager who would ignore her contributions. "For me, it was a massive challenge… how do I keep up with these people?" she recalls. "To be taken seriously when you look young and you’re a woman is really hard."
Identifying a Rising Trend
Undeterred by these obstacles, Wijaya was eager to engage with Southeast Asia’s burgeoning business landscape. Working closely with emerging start-ups, she recognized a critical gap in the market: while ride-hailing and e-commerce were on the rise, the payments infrastructure was lagging. "You have ride-hailing, you have e-commerce. They’re nothing without the payments," she noted.
A fortuitous introduction to a group of students from the University of California, Berkeley, who were working on a similar project through the Y Combinator accelerator, set the stage for Xendit’s creation. "It was work love at first sight," Wijaya said, and the team quickly began developing a new payments platform that would eventually become Xendit.
Encouraging More Women in Fintech
Fast forward six years, and Xendit has grown to a team of 600, processing online payments and managing finances for businesses in Malaysia, the Philippines, Singapore, and beyond. Notably, around 40% of Xendit’s staff are women, a statistic Wijaya takes pride in. She views her role as a responsibility to help women advance in their careers. "I’ve been given the great opportunity to change how the workplace behaves, so more women can move up the ranks and be the next generation of leaders," she asserts.
To foster this change, Xendit runs "Women In Tech" mentorship programs for young women and girls, offers return-to-work schemes for new mothers, and provides meal deliveries for working parents during the pandemic. Wijaya hopes these initiatives will empower the next generation of female fintech professionals to see themselves as leaders.
Reflecting on her journey, she often thinks about her grandmother and the opportunities she never had. "Sometimes I think about where my grandmother would be if she had the opportunities given to me," she muses. "I’d like to think she would also be right here. A COO and co-founder… a unicorn among unicorns among unicorns."