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September 15, 2022

Fazz garners $100m in Series C to accelerate growth

Financial services firm Fazz has raised $100m in its Series C funding round to drive growth and support business finance in Southeast Asia.

The round includes $75m in equity funding from existing investors including Tiger Global, DST Investment, B Capital, Insignia Ventures Partners and ACE & Company.

The equity portion also saw participation from llham, EDBI, InterVest, Y Combinator managing director Michael Seibel and GGV Capital managing partner Hans Tung.

Additionally, Fazz has signed a term sheet with Lendable for $25m debt funding.

Fazz plans to use the proceeds to build its business account offering aimed at micro, small, and medium enterprises (MSMEs) to large corporations.

The Singapore and Indonesia-based fintech is also looking to expand its team in Singapore, Indonesia, Malaysia, Vietnam, and Taiwan from more than 800 to 1,400.

Tiger Global partner Alex Cook said: “Fazz provides important financial tools to businesses in Southeast Asia, many of whom lack easy access to digital payments, treasury functions, and growth capital. The Fazz platform has been rapidly adopted by both small businesses and large corporations, and we look forward to continuing our partnership with the Fazz team.”

Fazz’s offering consists of Fazz Agen, an agent-based financial application providing access to payment, wholesale purchase, and equitable capital; and Fazz Business, a business account, which enables clients to pay and receive payments, grow capital, and get funding.

It also comprises of a P2P lending and borrowing service known as Modal Rakyat and a payments infrastructure for digital assets, called StraitsX.

Fazz CEO Hendra Kwik said: “Many businesses in Southeast Asia are still underserved, and some of them have been heavily affected by the pandemic. Fazz is stepping in to help them recover and grow back stronger.

“Our technology is our key differentiator – we invest a lot in the tech side of our business to ensure that any business from small family shops all the way to big enterprises can access financial tools to build their business.”

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