Southeast Asian fintech Fazz raises $100M Series C to serve businesses of all sizes TechCrunch

Fazz, the Southeast Asian digital financial services group created by the merger of PayFazz and Xfers, announced today that it has raised a Series C funding round totaling $100 million. This includes $75 million in equity and $25 million in debt financing.

Equity investment came from returning investors Tiger Global, DST Investment, B Capital, Insignia Ventures Partners and ACE & Company, with participation from Ilham Ltd, EDBI, InterVest, Y Combinator Managing Director Michael Seibel and GGV Capital Managing Partner Hans Tung. Debt instruments are from Lendable.

Fazz will use the funding round to continue building out its business account, including payment, savings and credit capabilities. The company said it had an annual transaction volume of $10 billion last year. It plans to double its transaction volume over the next 12 months and expand its teams from 800 to 1,400 employees in Singapore, Indonesia, Malaysia, Vietnam and Taiwan.

Fazz, formerly known as Fazz Financial Group, aims to bridge the $300 billion funding gap for MSMEs exacerbated by the pandemic and provide them with the same tools as larger corporations.

CEO Hendra Kwik said in a press release: “Our technology is a key differentiator for us – we invest heavily in the technology side of our business to ensure it is available to anyone from a small home store to a large enterprise. financial instruments to structure their business.”

Fazz’s divisions include Fazz Agen, an agent-based financial application for Indonesian micro and small businesses, Fazz Business, its business account, serving businesses of all sizes from MSMEs to large corporations, Modal Rakyat, a peer-to-peer for MSMEs and payments infrastructure provider Straits X provide lending services.

Alex Cook, partner at Tiger Global, said in a press statement: “Fazz provides important financial tools to businesses in Southeast Asia, many of which do not have easy access to digital payments, treasury functions and growth capital. The Fazz platform has been rapidly adopted by small businesses and large corporations alike. Adoption, and we look forward to continuing to work with the Fazz team.”

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