Southeast Asian fintech Fazz – a business account for businesses of all sizes to pay, save and receive credit – has raised US$100 million in Series C funding.
The US$75 million capital includes investment from existing investors such as Tiger Global, DST Investment, B Capital, Insignia Ventures Partners and ACE & Company. Ilham Ltd, EDBI, InterVest, Michael Seibel (Y Combinator) and Hans Tung (GGV Capital) participated in the round.
The company has also signed a term sheet with Lendable for a US$25 million debt facility.
Fazz, formerly known as Fazz Financial Group, is a merger between Indonesia-based PayFazz and Singapore-based Xfers.
Its main offerings are an app for small retailers called Fazz Agen and an app for startups and larger businesses called Fazz Business. It also provides a peer-to-peer financing service to MSMEs and payment infrastructure for digital assets.
Fazz says it has seen US$10 billion in annual transaction volumes over the past year and that the funding will be used to double transaction volumes over the next 12 months.
The company also hopes to expand its teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from over 800 to 1,400.
Hendra Quick
“Our technology is our key differentiator – we invest heavily in the technology side of our business to ensure that every business from small family shops to large enterprises has access to financial tools to build their business.”
said Hendra Quick, CEO of Fazz.
Alex Cook
“Fazz provides important financial tools to businesses in Southeast Asia, many of which do not have easy access to digital payments, treasury functions and capital for growth.
The Fazz platform has been quickly adopted by both small businesses and large corporations, and we look forward to continuing our partnership with the Fazz team.”
said Alex Cook, Partner, Tiger Global.
B2B Fintech Platform Fazz Raises US$100M Series C Led by Tiger Global
