Southeast Asia’s Fintech platform Fazz, a business account for companies of all sizes to pay, save and obtain credit, recently secured $100 million via Series C funding. The $75 million in equity reportedly includes investments from existing investors: Tiger Global, DST Investment, B Capital, Insignia Ventures Partners and ACE & Company. Ilham Ltd, EDBI, InterVest, Michael Seibel (Y Combinator) and Hans Tung (GGV Capital).
The Fintech firm has also signed a term sheet with Lendable for a $25 million debt facility. Fazz, formerly doing business as the Fazz Financial Group, is reportedly a merger between Indonesia-founded PayFazz and Singapore’s Xfers.
Its core offerings are an application for small retailers, referred to as Fazz Agen, and an application for startups and larger businesses called Fazz Business. It also offers a MSME peer-to-peer financing service and payments infrastructure for digital assets. Fazz’s management noted that the firm saw $10 billion in annualized transaction volumes during the last year and that the proceeds will be used to double its transaction volumes in the next year.
The firm aims to further expand professional teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from over 800 to 1,400. Hendra Kwik, Chief Executive Officer of Fazz, said: “Our technology is our key differentiator we invest a lot in the tech side of our business to ensure that any business from small family shops to big enterprises can access financial tools to build their business".
As noted by its management, Fazz provides business accounts that “offer seamless payment, savings and credit functionalities, giving businesses equal opportunity to build, run, and grow, caters to the warung and MSME customer segments in Indonesia under the brand Fazz Agen, and caters to the MSME customer segments in Singapore and Indonesia under the brand Fazz Business.” Formerly Fazz Financial Group, Fazz is “the result of a merger between PayFazz and Xfers.”
United under a “single-minded” vision of accelerating financial access, the firms decided “to strengthen [their] offerings and more importantly better help millions more underserved in Southeast Asia by leveraging market experience and technological capabilities in agent banking, business loans, payment & digital asset infrastructure.”
As a business finance product born and bred in Southeast Asia, Fazz is among “the first Indonesian startups, and one of the many Singaporean startups to be seeded by the prestigious Y-Combinator program.” They are “backed by both global and local investors including Insignia Venture Partners, B Capital, BRI Ventures, and many others.” Fazz currently “serves over 13 million end-users and over 300,000 registered businesses in Indonesia and Singapore.”