Southeast Asian financial services group Fazz bags $100m Series C
Singapore and Indonesia-based digital financial services group Fazz has raised $100 million in a Series C round.
The round consists of $75 million in equity from existing investors Tiger Global, DST Investment, B Capital, Insignia Ventures Partners, and ACE & Company. Other investors in the equity round include Ilham Ltd, EDBI, InterVest, Michael Seibel (managing director of Y Combinator) and Hans Tung (managing partner, GGV Capital).
Lendable provided $25 million in debt facility to Fazz.
The new funding will be used to expand across Southeast Asia and build up the firm’s business account that allows firms of all sizes – from micro, small, and medium enterprises (MSMEs) to Fortune 500 companies – to pay, save and get credit.
Fazz claims $10 billion in annualised transaction volumes over the past year, which it looks to double in the next year as well as grow its teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 to 1,400.
“Many businesses in Southeast Asia are still underserved, and some of them have been heavily affected by the pandemic,” says Hendra Kwik, CEO of Fazz.
“Fazz is stepping in to help them recover and grow back stronger. 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.
“More importantly, we want to provide the same benefits that big companies have to small businesses and warung owners. This round of funding will enable us to build this technology edge for our users.”
Fazz was formed by the merger of Indonesia’s PayFazz and Singapore’s Xfers in March 2021 and is headquartered both in Singapore and Indonesia.
Its products include Fazz Agen, an agent-based financial app for MSMEs in Indonesia, and Fazz Business, which provides business accounts for firms of all sizes in the region.