Y Combinator joins $1.5m fundraise by ex-Mastercard exec’s startup

Friz, a Singapore-based fintech startup, has raised a total of US$1.5 million in its pre-seed and seed rounds.

More funding details

• Investors: A US-based ivy league university’s endowment fund, Amand Ventures, Iterative, Y Combinator, founders and CEOs of Indian ecommerce startups, early employees of neobanks like Qonto, and fintech firms including Funding Societies
• Stage: Pre-seed and seed

More company updates

• Friz’s fundraise includes an undisclosed six-figure sum that the company had raised in its seed round in April from investors including Y Combinator, Iterative VC, 500 Durians, and 500 TukTuks.
• The latest investment lifts Friz’s valuation to US$10 million, sources familiar with the matter told Tech in Asia.
• initially targeting a capital raise of US$1 million, the rounds were oversubscribed by 50%.
• The company will use the fresh funds to ramp up hiring and help expand its operations into the Philippines. It will use part of the capital to launch a mobile application.
• Launched in April 2020 by a former Mastercard executive, Friz is a financial platform that leverages data insights to offer financial products like credit cards, personal loans, insurance, savings, and investments in a timely and affordable manner to freelancers in Southeast Asia.
• Friz said its total transaction volume has grown 500% every month since May, having issued over 700 debit and credit cards since then.

For more coverage about the company, head here. You can also click on the link below to view the company’s key details and funding history.