Fintech company Fazz lays off staff across markets

FAZZ, a fintech company formed from the merger of Indonesia’s Payfazz and Singapore’s Xfers, has laid off around 15 per cent of its employees, sources close to the matter said.

Fazz said last September that it had about 800 employees and planned to expand its headcount to 1,400. The company was announcing US$100 million in Series C funding at the time, from investors including Tiger Global, DST Investment and B Capital.

A Fazz spokesperson declined to say how many employees the company had prior to the retrenchment, but confirmed a Mar 1 retrenchment exercise that affected staff from all offices.