Fazz Secures $100M in Series C to Power Financial Inclusion in SEA
Summary
In addition, Fazz has signed a term sheet with Lendable for a US$25 million debt facility.The funding from this latest round will be used to build up Fazz, a business account that allows businesses of all sizes from micro, small, and medium enterprises (MSMEs) to Fortune 500 companies to pay, save, and get credit easily in Southeast Asia, acceleratingD the companys vision to catalyse Southeast Asias digital transformation.This investment builds on Fazzs recent success, where it saw a record US$10 billion in annualised transaction volumes over the past year. This round of funding will enable us to build this technology edge for our users, said Hendra Kwik, Chief Executive Officer of Fazz.Fazz, originally a merger between Indonesia-founded PayFazz and Singapore-founded Xfers in March 2021, will use the funds to leverage its market experience and technological expertise to provide differentiated financial products to serve the regions business needs. 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, said Alex Cook, Partner, Tiger Global.The changing business environment during the pandemic has placed MSMEs at an even bigger disadvantage due to the lack of access to funding, technology and network. With Fazz, it will now be easy for these businesses to access financial tools that will help them streamline processes, widen their reach, improve their supply chains and most importantly, get the funding they need to grow.Fazz is a Southeast Asian digital financial services group founded in 2016, as a result of a merger between PayFazz and Xfers, two Y Combinator alumni based in Southeast Asia. Fazz sets itself apart from the competition with its intimate understanding of Southeast Asias local markets and challenges faced by micro, small, and medium enterprises in the region.