Fazz, the Southeast Asian digital monetary companies group created by the merger of PayFazz and Xfers, introduced in the present day that it has raised a complete of $100 million in Sequence C funding. This contains $75 million in fairness and a $25 million debt facility.
The fairness funding got here from returning traders Tiger International, DST Funding, B Capital, Insignia Ventures Companions and ACE & Firm, with participation from Ilham Ltd, EDBI, InterVest, Y Combinator managing director Michael Seibel and GGV Capital managing accomplice Hans Tung. The debt facility is from Lendable.
Fazz will use the spherical to proceed constructing out its enterprise accounts, which embody cost, financial savings and credit score options. The corporate says that it noticed $10 billion in annualized transaction volumes final yr. It plans to double its transaction volumes over the following 12 months, and broaden its groups in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 workers to 1,400.
Previously often known as Fazz Monetary Group, Fazz’s purpose is to shut the $300 billion funding hole for MSMEs, which has been exacerbated by the pandemic, and provides them the identical instruments as bigger companies.
In a press launch, CEO Hendra Kwik mentioned, “Our expertise is our key differentiator—we make investments rather a lot within the tech aspect of our enterprise to make sure that any enterprise from small household outlets all the best way to huge enterprises can entry monetary instruments to construct their enterprise.”
Fazz’s models embody Fazz Agen, an agent-based monetary app for micro- and small-businesses in Indonesia, Fazz Enterprise, its enterprise accounts, which serves companies ranging in dimension from MSMEs to massive companies, Modal Rakyat, a peer-to-peer lending and borrowing companies for MSMEs, and funds infrastructure supplier Straits X.
In a press assertion, Tiger International accomplice Alex Prepare dinner mentioned, “Fazz gives essential monetary instruments to companies in Southeast Asia, a lot of whom lack quick access to digital funds, treasury capabilities and progress capital. The Fazz platform has been quickly adopted by each small companies and bigger companies, and we stay up for persevering with our partnership with the Fazz staff.”