Fazz Financial, a FinTech aimed at Southeast Asia, has raised $100m for its Series C round, which comprises $75m in equity and $25m in debt.
The equity injection was supplied by existing investors Tiger Global, DST Investment, B Capital, Insignia Ventures Partners and ACE & Company. Other backers include llham, which is associated with a sovereign wealth fund in the region, EDBI, InterVest, Y Combinator managing director Michael Seibel and GGV Capital managing partner Hans Tung.
Lendable supplied the debt facility.
This capital will help Fazz expand its operations and accelerate its mission to catalyse Southeast Asia’s digital transformation.
Fazz has experienced strong growth over the past year, having achieved an annualised transaction volume of $10bn. The company is currently looking to double its transaction volume in the next 12 months, as well as expand its teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 to 1,400.
The FinTech company offers a business account that lets businesses of all sizes, from micro to Fortune 500 companies, pay, save and get credit in Southeast Asia.
One of its services is Fazz Agen, an agent-based financial application that serves micro and small businesses in Indonesia. It supplies them with easy access to payment, wholesale purchase and equitable capital.
Another product is Fazz Business, a business account that helps growing startups, MSMEs and large corporations build, run and grow their businesses across Southeast Asia by providing the ability to pay and receive payments, grow capital and get funding.
Its other solutions are Modal Rakyat, a P2P lending and borrowing service for MSMEs, and StraitsX, a payments infrastructure for digital assets.
Fazz CEO Hendra Kwik said, “Many businesses in Southeast Asia are still underserved, and some of them have been heavily affected by the pandemic. Fazz is stepping in to help them recover and grow back stronger.
“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 owners. This round of funding will enable us to build this technology edge for our users.”
Fazz was created through a merger between Indonesia-founded PayFazz and Singapore-founded Xfers in 2021.
Earlier in the week, Philippines-based BNPL service BillEase raised $20m in a debt facility from Singapore’s Helicap Securities.
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