Fazz, the Southeast Asian digital financial services group created by the merger of PayFazz and Xfers, has raised a total of $100 million. $75 million in equity and $25 million in debt are included.
The equity investment was made by returning investors Tiger Global, DST Investment, B Capital, and ACE & Company, with participation from other companies. The debt facility is from another company.
Fazz's business accounts include payment, savings and credit features. There was $10 billion in transaction volumes last year. Over the next year, it plans to double its transaction volumes and increase the number of its teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan.
Fazz wants to close the $300 billion funding gap for Micro, Small and Medium Businesses by giving them the same tools as bigger businesses.
In a press release, the CEO said, "Our technology is our key differentiator, we invest a lot in the tech side of our business to make sure that any business from small family shops all the way to big enterprises can access financial tools to build their business."
Fazz Agen, an agent-based financial app for micro- and small-businesses in Indonesia, is one of the units of Fazz.
Many businesses in Southeast Asia don't have easy access to digital payments, treasury functions and growth capital because of this. The Fazz platform has been used by both small businesses and large corporations, and we look forward to continuing our partnership with the Fazz team.
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