The funding, which includes a $75m equity investment and a $25m debt facility, will be used to create a business account that allows businesses of all sizes to pay, save, and get credit easily in Southeast Asia
Fazz secures $100m in Series C funding round. (Credit: FAZZ, Inc.)
Southeast Asian digital financial services Fazz, previously known as Fazz Financial, has secured $100m in a Series C funding round, led by US-based investment firm Tiger Global.
The funding includes a $75m equity investment and a $25m debt facility.
Existing investors DST Investment, B Capital, Insignia Ventures Partners and ACE & Co., alongside new investors llham, EDBI, InterVest, Michael Seibel and Hans Tung participated in the equity investment.
Fazz has signed a term sheet with UK-based lending platform Lendable to secure the $25m debt facility.
The company intends to use the funding to create a business account that allows all sizes of businesses in the Southeast Asia region to easily pay, save, and get credit.
It aims to double its transaction volumes in the next 12 months and expand its workforce in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 to 1,400.
Fazz chief executive officer 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.
“More importantly, we want to provide the same benefits that big companies have to small businesses and warung owners. This round of funding will enable us to build this technology edge for our users.”
Fazz offers Fazz Agen, an agent-based financial application that provides payment, wholesale purchase, and equitable capital to micro and small businesses in Indonesia.
The company also offers Fazz Business, a business account that helps start-ups, MSMEs, and large corporations to build, run, and grow their businesses across Southeast Asia.
It enables businesses to pay and receive payments, grow capital, and get funding.
Furthermore, the company offers Modal Rakyat, a peer-to-peer lending and borrowing service for MSMEs, and StraitsX, a payments infrastructure for digital assets.
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.”