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


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

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

Returning investors were Tiger Global, DST Investments, B Capital, Insignia Ventures Partners and ACE & ACE with participation from Tiger Global, DST Investments, B Capital, Ilham Limited, EDBI, Intervest, Y Combinator Managing Director Michael Seibel and GGV Capital Managing Partner Hans Tung. The equity investment came from the company. Lendable Loan Facilities.

Fazz will use the cycle to continue to grow its business account, which includes payment, savings and credit features. The company said it had an annual trading volume of $10 billion last year. It plans to double its revenue over the next 12 months, and grow its teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 employees to 1,400.

Formerly known as Fazz Financial Group, Fazz aims to bridge the $300 billion financing gap for MSMEs, which has widened due to the pandemic, and give them the same tools as large corporations.

In a press release, CEO Hendra Quick said: “Our technology is our key differentiator – we invest heavily in the technology side of our business so that any business, from small family shops to large corporations, can access the financial tools to grow. Their business.”

Fazz units include Fazz Agen, an agent-based financial application for micro and small businesses in Indonesia, Fazz Business, its business accounts for businesses ranging from MSMEs to large enterprises, Modal Rakyat, a peer-to-peer business serves Straits X provides lending and borrowing services, as well as payment infrastructure for MSMEs.

In a press release, Tiger Global Partner Alex Cook said: “Fazz provides essential financial tools to businesses in Southeast Asia, many of which do not have easy access to digital payments, treasury functions and capital. of growth. The Fazz platform has been quickly adopted by small businesses and large enterprises alike, and we look forward to continuing our partnership with the Fazz team. »

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