Fazz, the Southeast Asian digital financial services group created by the merger of Payfazz and Xfers, announced that it has raised a total of $100 million in Series C funding. This includes $75 million in equity and a $25 million debt facility.
The equity investment came from returning investors Tiger Global, DST Global, B Capital, Insignia Ventures Partners and ACE & Company, with participation from Ilham Ltd, EDBI, InterVest, Y Combinator managing director Michael Seibel and GGV Capital managing partner Hans Tung. The debt facility is from Lendable.
Fazz will use the round to continue building out its business accounts, which include payment, savings and credit features.
Fazz’s units include Fazz Agen, an agent-based financial app for micro- and small-businesses in Indonesia; Fazz Business, its business accounts, which serves businesses ranging in size from MSMEs to large corporations; Modal Rakyat, a peer-to-peer lending and borrowing services for MSMEs; and payments infrastructure provider StraitsX.
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 larger corporations, and we look forward to continuing our partnership with the Fazz team.