Fazz, the Southeast Asian digital financial services group created by the merger of Payfazz and Xfers, announced today that it has raised a total of $100 million in Series C funding. This includes $75 million in equity and a $25 million debt facility.
The equity investment came from returning investors Tiger Global, DST Global Partners, 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. The debt facility is from Lendable.
Fazz will use the round to continue building out its business accounts, which include payment, savings and credit features. The company says that it saw $10 billion in annualized transaction volumes last year. It plans to double its transaction volumes over the next 12 months and expand its teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 employees to 1,400.
Formerly known as Fazz Financial Group, Fazz’s goal is to close the $300 billion funding gap for MSMEs, which has been exacerbated by the pandemic, and give them the same tools as larger businesses.
In a press release, CEO Hendra Kwik 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 all the way to big enterprises can access financial tools to build their business.”
Fazz’s units include Fazz Agen, an agent-based financial app for micro- and small-businesses in Indonesia; Fazz Business, its business accounts, which serves businesses ranging in size from MSMEs to large corporations; Modal Rakyat, a peer-to-peer lending and borrowing services for MSMEs; and payments infrastructure provider StraitsX.
In a press statement, Tiger Global partner Alex Cook said, “Fazz provides important financial tools to businesses in Southeast Asia, many of whom lack easy access to digital payments, treasury functions and growth capital. The Fazz platform has been rapidly adopted by both small businesses and larger corporations, and we look forward to continuing our partnership with the Fazz team.”