fazzo, the Southeast Asian digital financial services group formed by the merger of PayFazz and Xfers, today announced 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 recurring 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 GGV Capital managing partner Hans Tung. The debt facility belongs to Lendable.
Fazz will use the round to further expand its business accounts, including payment, savings and credit functions. The company says 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 $300 Billion Financing Shortage for small and medium-sized enterprises, which has been exacerbated by the pandemic, and to give them the same tools as larger companies.
In a press release, CEO Hendra Kwik said: “Our technology is our key differentiator – we invest heavily in the technical side of our business to ensure that every business, from small family stores to large enterprises, has access to 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 from small and medium-sized enterprises to large corporations, Modal Rakyat, a peer-to- peer lending services for SMEs and payment infrastructure provider Straits X.
In a press statement, Tiger Global partner Alex Cook said: “Fazz provides key financial instruments to companies in Southeast Asia, many of whom do not have easy access to digital payments, treasury functions and growth capital. The Fazz platform has been quickly adopted by both small companies as well as larger companies, and we look forward to continuing our partnership with the Fazz team.”
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