Wednesday, September 14, 2022
HomeStartupSoutheast Asian fintech Fazz raises $100M Collection C to serve companies of...

Southeast Asian fintech Fazz raises $100M Collection C to serve companies of all sizes • TechCrunch


Fazz, the Southeast Asian digital monetary providers group created by the merger of PayFazz and Xfers, introduced in the present day that it has raised a complete of $100 million in Collection C funding. This consists of $75 million in fairness and a $25 million debt facility.

The fairness funding got here from returning buyers Tiger International, DST Funding, B Capital, Insignia Ventures Companions and ACE & Firm, with participation from Ilham Ltd, EDBI, InterVest, Y Combinator managing director Michael Seibel and GGV Capital managing companion Hans Tung. The debt facility is from Lendable.

Fazz will use the spherical to proceed constructing out its enterprise accounts, which embody cost, financial savings and credit score options. The corporate says that it noticed $10 billion in annualized transaction volumes final yr. It plans to double its transaction volumes over the following 12 months, and broaden its groups in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 workers to 1,400.

Previously generally known as Fazz Monetary Group, Fazz’s purpose is to shut the $300 billion funding hole for MSMEs, which has been exacerbated by the pandemic, and provides them the identical instruments as bigger companies.

In a press launch, CEO Hendra Kwik stated, “Our know-how is our key differentiator—we make investments loads within the tech facet of our enterprise to make sure that any enterprise from small household outlets all the way in which to huge enterprises can entry monetary instruments to construct their enterprise.”

Fazz’s models embody Fazz Agen, an agent-based monetary app for micro- and small-businesses in Indonesia, Fazz Enterprise, its enterprise accounts, which serves companies ranging in dimension from MSMEs to giant firms, Modal Rakyat, a peer-to-peer lending and borrowing providers for MSMEs, and funds infrastructure supplier Straits X.

In a press assertion, Tiger International companion Alex Cook dinner stated, “Fazz supplies necessary monetary instruments to companies in Southeast Asia, lots of whom lack easy accessibility to digital funds, treasury capabilities and development capital. The Fazz platform has been quickly adopted by each small companies and bigger firms, and we look ahead to persevering with our partnership with the Fazz crew.”

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