Financial services provider Fazz raises US$100m in Series C round

INDONESIA-BASED Fazz has raised US$100 million in a Series C round, of which US$75 million was in equity financing and US$25 million in a debt facility by Lendable, a fintech lender.

Existing investors in the round include Tiger Global, DST Investment, B Capital, as well as new investors EDBI and Intervest.

Fazz has 2 business segments. Fazz Agen, which serves micro and small businesses in Indonesia, provides financial service for payments and wholesale purchases. The other segment, Fazz Business, is for businesses across the South-east Asia region and addresses their financial needs from payments to loans.

“Fazz provides important financial tools to businesses in South-east Asia, many of whom lack easy access to digital payments, treasury functions and growth capital,” said Alex Cook, partner, Tiger Global.

The financial services provider emerged from a merger between PayFazz and Xfers back in March 2021. Fazz claims that it saw US$10 billion in annualised transaction volumes in the past year.

Funds will be used to build up Fazz, as well as build out more financial products. The startup is also looking to expand its teams across Singapore, Indonesia, Malaysia, Vietnam and Taiwan to 1,400 from 800 currently.

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“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 (small family-owned business) owners,” said Hendra Kwik, chief executive officer, Fazz.