Fazz Financials is a fintech company that enables merchants from small-to-medium industries to Enterprises to perform several financial works easily. It has received Series C funding with a total value of $100 million. This comprises a $25 million financing facility in addition to $75 million in equity.
It was founded in 2021 by the coalition of Indonesia-based PayFazz and Singapore-based Xferns and its founders are Hendra Kwik, Ricky Winata, Tianwei Liu, Jefriyanto Guang, and Victor Liew Jia Hao.
Fazz offers several services under different names including Fazz Agen, Fazz Business, Modal Rakyat, and StraitsX.
It has operations in Indonesia, Singapore, Vietnam, Malaysia, and Taiwan with a team of 800 innovative talents.
Southeast Asia targeted fintech, Fazz Financials has raised $100 million in funding that closed the Series C for the company. The funding comprises a division as equity and debt funding as $75 million came in equity funding and $25 million came as debt.
The Debt financing was led by Lendable
The investors involved in the equity funding of Series C include the existing investors DST Investments, Tiger Global, B Capitals, ACE & Company, and Insignia Ventures Partners. Some other backers also supported the round which are Illham, InterVest, EDBI, Michael Seibel who is the managing director of Y Combinator, and Hans Tung who is the managing director of GGV Capital.
The CEO of Fazz Financials, Hendra Kwik said that there are many businesses in the entire Southeast Asia that are still under the category of underserved which contains those businesses that are heavily damaged by the effect of a year-long pandemic. The motive of Fazz is to step up and help them in rejuvenating freshly to grow back stronger than ever.
Hendra Kwik also said in a press release that the key differentiator of Fazz is their technology as they invest a lot in that side of their business to make sure to access the financial tools that help to construct any business from a small base from all the way to a huge enterprise.
One of the different service provider units of Fazz is Fazz Agen which is an agent-based financial application dedicated to pouring all sizes of enterprises. The second is Fazz business which works as a business account and helps by providing the ability to receive and pay payments and grow their capital to get the funding. The third solution of Fazz is Modal Rakyat which is a borrowing and P2P lending service for the MSMEs and the fourth and last solution is StraitsX which is a digital asset of payment infrastructure.
The Southeast Asia-focused fintech firm announced the use of this round’s capital in broadening its operations and accelerating its mission to fasten the digital transformation of Southeast Asia. They also want to expand their team up to 1,400 which is 800 for now.
Alex Cook, the partner of Tiger Global, said that many of the important tools are provided by Fazz to Southeast Asian businesses, many of whom lack complete access to growth capital, digital payments, and treasury functions. The functions and services of Fazz are rapidly adopted by many of the small and larger platforms and they are now looking forward to their partnership with Fazz.
Conclusion
The Southeast Asian financial technology company, Fazz which was made by the amalgamation of Singapore’s PayFazz and Indonesia’s Xferns has raised $100 million in a Series C round of funding. The capital has come in a ratio of equity and debt financing with $75 million in equity, secured from DST Investments, Tiger Global, B Capitals, ACE & Company, Insignia Ventures Partners, Illham, InterVest, EDBI, Michael Seibel who is the managing director of Y Combinator, and Hans Tung who is the managing director of GGV Capital. $25 million has been secured in debt from Lendable. The company aims to use this capital in expanding the company’s operations, accelerating the business, and increasing its team.
FAQs:
Q1. What are the services provided by Fazz Financials?
Ans. Under many names, such as Fazz Agen, Fazz Business, Modal Rakyat, and StraitsX, it provides a variety of services.
Q2. When was Fazz Financials founded?
Ans. PayFazz and Xferns joined together to form Fazz Financials in 2021, and its founders included Hendra Kwik, Ricky Winata, Tianwei Liu, Jefriyanto Guang, and Victor Liew Jia Hao.
Q3. Who led the debt financing in Fazz Financials’ Series C round?
Ans. The debt financing in Fazz Financials’ Series C round was led by Lendable.
Q4. What is Fazz Financials’ plan for the capital raised in the Series C round?
Ans. The money raised in the Series C round will be used by Fazz Financials to boost its workforce from 800 to 1,400 people, accelerate its mission of digital transformation in Southeast Asia, and extend its operations.
Q5. Who is the CEO of Fazz Financials?
Ans. The CEO of Fazz Financials is Hendra Kwik.
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