Tiger Global-backed fintech firm raises $100m series C round

Fazz, which was formed with the merge of Indonesia-based Payfazz and Singapore-based Xfers last year, has raised US$75 million in a series C funding round from Tiger Global, DST Investment, B Capital, Insignia Ventures Partners, and ACE & Company. The fintech firm also announced that it received a US$25 million debt facility from Lendable.

The company said that it will use the momentum from the series C funding to focus on building Fazz for businesses in Southeast Asia. “In our next stage of growth, we are aiming to grow our business to a level of valuation of US$1 billion, which will provide us with a scale to serve more businesses in the region,” Hendra Kwik, the startup’s CEO, told Tech in Asia.

Fazz Financial Group co-founder Tianwei Liu (left) and Hendra Kwik / Photo credit: Fazz Financial Group

Founded in 2016, Fazz helps clients pay and receive payments, purchase inventory, and acquire loans for their businesses. It currently has two main offerings: Fazz Agen for small retailers (warungs) and Fazz Business for SMEs, startups, and corporates. The company also operates Modal Rakyat, a peer-to-peer lending business, and StraitsX, a payment infrastructure for digital assets.

In a statement, Fazz said that it posted US$10 billion in annualized transaction volumes last year and aims to double that amount in the next 12 months.

The startup is led by Kwik, who co-founded Payfazz, and Tianwei Liu, the founder of Xfers who serves as Fazz’s deputy CEO. Both companies are graduates of the US-based accelerator program Y Combinator, and they count prominent investors such as BRI Ventures, Vertex Ventures, and 500 Global as their backers.

See also: A list of SEA’s soonicorns and their early backers

Fazz currently has 800 employees in Indonesia, Singapore, Malaysia, Taiwan, and Vietnam. It plans to use the fresh funding to provide more financial solutions and increase its headcount to 1,400.

Other investors in the funding round include:

• llham
• EDBI
• InterVest
• Y Combinator managing director Michael Seibel
• GGV Capital managing partner Hans Tung