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.
The 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 l Managing Partner of GGV Capital Hans Tung. The credit facility is from Lendable.
Fazz will use the cycle to continue to develop its business accounts, which include payment, savings and credit features. The company claims to have recorded $10 billion in annualized trading 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 financing gap for MSMEs, which has been exacerbated by the pandemic, and give them the same tools as big business. .
In a press release, CEO Hendra Kwik said: “Our technology is our biggest differentiator – we invest heavily in the technology side of our business to ensure that any business, from small family shops to large enterprises, can access tools funds to build Their business.”
Fazz’s units include Fazz Agen, an agent-based financial application for micro and small businesses in Indonesia, Fazz Business, its corporate accounts, which serves businesses of sizes ranging from MSMEs to large enterprises, Modal Rakyat, a peer-to-peer lending and borrowing services for MSMEs and payment infrastructure provider Straits X.
In a press release, Alex Cook, Partner at Tiger Global, said: “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 quickly adopted by small businesses and large enterprises alike, and we look forward to continuing our partnership with the Fazz team. »