Fazz, the Southeast Asian digital monetary providers 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 consists of $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 associate 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 12 months. It plans to double its transaction volumes over the subsequent 12 months, and increase its groups in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 staff to 1,400.
Previously often called Fazz Monetary Group, Fazz’s objective 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 know-how is our key differentiator—we make investments quite a bit within the tech aspect of our enterprise to make sure that any enterprise from small household outlets all the way in which 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 measurement from MSMEs to giant companies, Modal Rakyat, a peer-to-peer lending and borrowing providers for MSMEs, and funds infrastructure supplier Straits X.
In a press assertion, Tiger International associate Alex Cook dinner mentioned, “Fazz gives necessary monetary instruments to companies in Southeast Asia, a lot of whom lack easy accessibility to digital funds, treasury capabilities and progress capital. The Fazz platform has been quickly adopted by each small companies and bigger companies, and we sit up for persevering with our partnership with the Fazz workforce.”