Fintech company Fazz lays off staff across markets
Claudia Chong
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.
Tech majors and startups across South-east Asia have been cutting costs ahead of a potential global recession that threatens to tighten sources of funding even further.
Fazz has a presence in Singapore, Indonesia, Malaysia, Vietnam and Taiwan. The spokesperson said the staff cuts were made to improve operational efficiency and streamline the business.
The startup, which serves micro small and medium enterprises, intends to “focus on the core strengths of business units, including payments, credit and stablecoins”, the spokesperson said.
Payfazz, the first Indonesian startup to be seeded by Silicon Valley’s Y Combinator, rose through the ranks of Indonesia’s tech world by building a network of everyday agents that help the underserved population access financial services.
The company announced a US$30 million investment in payments startup Xfers in March 2021, along with a merger that created Fazz Financial Group, now known as Fazz.
The company’s spokesperson said the retrenched employees will receive healthcare benefits coverage for two months, professional mental health assistance, and the Tunjangan Hari Raya yearly bonus.
