Fazz, an Indonesian FinTech startup, acknowledged that it had terminated some employees on March 1.
The corporation did not specify how many employees were impacted, but according to sources, the “business restructuring exercise” touched employees from all the region’s locations.
“This decision was made after exploring all other cost-cutting measures,” a Fazz spokesperson said.
Co-founders’ and top executives’ salaries were willingly reduced, and these measures also included a wage freeze.
These initiatives, according to the business, are meant to refocus attention on its core competencies, which include payments, credit, and stablecoins.
In line with local rules, affected employees will also get severance compensation, a notice period, two months of medical coverage, aid with financial and professional mental health needs, and assistance with the job search.
Once Payfazz and Xfers, a company with its headquarters in Singapore, combined in March 2021, Fazz Financial Group (FFG) was created.
Fazz secured US $75 million in round C funding in September 2022 from investors including ACE & Company, Tiger Global, DST Investment, B Capital, and Insignia Venture Partners. Around the same time, it also acquired a US $25 million loan facility from Lendable.
The company’s spokesman also refuted claims that Payfazz and Xfers were having “cultural issues,” which were allegedly spreading on social media. “The speculation, while unfortunate, is not a true reflection of the current state of affairs,” she clarified.
Fazz stated that there had been no further layoffs planned for this year. It has branches in Malaysia, Singapore, Taiwan, Indonesia, and Vietnam.
