Tiger Global, DST Investment, B Capital, Insignia Ventures Partners, and ACE & Company have contributed $75 million to a series C investment round for Fazz, which was created last year via the merger of Singapore-based Xfers and Indonesia-based Payfazz. The FinTech company also disclosed that Lendable has provided it with a US $25 million debt facility.
Fazz, which was founded in 2016, assists customers with cash flow management, inventory acquisition, and loan applications. There are presently two primary products available: Fazz Agen for warungs, or small stores, and Fazz Business for SMEs, startups, and corporations. The firm also runs StraitsX, a payment system for digital assets, and Modal Rakyat, a peer-to-peer financing platform.
Fazz stated in a statement that it achieved yearly transaction volumes of $10 billion US last year and expects to increase that figure over the following 12 months.
Kwik, who co-founded Payfazz, and Tianwei Liu, the creator of Xfers and Fazz’s deputy CEO, are the company’s founders. Both businesses are alums of the Y Combinator accelerator program in the US, and they have the support of well-known financiers including BRI Ventures, Vertex Ventures, and 500 Global.
800 people work with Fazz at the moment in Indonesia, Singapore, Malaysia, Taiwan, and Vietnam. With the additional financing, it intends to hire 1,400 more employees and offer more financial solutions.