Fintech firm Fazz slashes jobs, freezes co-founders’ salaries

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

Indonesian fintech startup Fazz confirmed that it had conducted a round of layoffs on March 1.

The company didn’t disclose the number of affected staff, but it told Tech in Asia that the “business reorganization exercise” included staff from all offices in the region.

“This decision was made after exploring all other cost-cutting measures,” a Fazz spokesperson said. These measures included a voluntary salary cut and salary freeze of co-founders and senior executives.

According to the company, these efforts are aimed at shifting the focus to its core strengths – payments, credit, and stablecoins.

Affected employees will receive a severance package and notice period in accordance with local laws, healthcare benefits for two months, financial and professional mental health assistance, and support to find new jobs.

Fazz Financial Group (FFG) was formed in March 2021 after Payfazz was merged with Singapore-headquartered firm Xfers.

In September 2022, Fazz raised series C money of US$75 million from investors like Tiger Global, DST Investment, B Capital, Insignia Ventures Partners, and ACE & Company. It also received a US$25 million debt facility from Lendable during the same period.

The company’s spokesperson also denied rumors circulating on social media about “culture clashes” between Payfazz and Xfers. “The speculation, while unfortunate, is not a true reflection of the current state of affairs,” she clarified.

Fazz said it doesn’t plan to conduct additional layoffs this year. It has offices in Indonesia, Singapore, Malaysia, Taiwan, and Vietnam.

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