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Southeast Asian digital financial services company Fazz, which was formed by the union of PayFazz and Xfers, today revealed that it has secured $100 million in Series C funding. This is a $25 million financing and $75 million equity facility.

The funding will be used by Fazz to further develop its business accounts, which offer payment, savings and credit capabilities. According to the company, the amount of transactions last year was 10 billion dollars on an annual basis. Over the next 12 months, he wants to double the number of transactions he conducts and grow the number of employees in his teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 to 1,400.

Tiger Global, DST Investment, B Capital, Insignia Ventures Partners and ACE & Company, along with Ilham Ltd., EDBI, InterVest, Y Combinator Managing Director Michael Seibel and GGV Capital Managing Partner Hans Tung, completed the equity investment. Debt financing is provided by Lendable.

Formerly known as Fazz Financial Group, Fazz’s mission is to provide MSMEs with the same resources as large corporations to bridge the $300 billion financial gap that has been made worse by the outbreak.

Companies that make up Fazz include Modal Rakyat, a peer-to-peer lending and borrowing platform for MSMEs, Fazz Agen, an agent-based finance app for Indonesian micro and small businesses, Fazz Business, its business accounts, company and Straits X, a payment infrastructure provider.

The company’s CEO, Hendra Kwik, said in a press release that “our technology is our key differentiator.” She added that “we invest heavily in the technology side of our business to ensure that any business, from small, family-run shops to large corporations, can access financial tools to grow their business.”

Alex Cook, Partner at Tiger Global, said in a press release that “Fazz provides critical financial capabilities to Southeast Asian businesses, many of which lack easy access to digital payments, treasury functions and growth capital.

We are excited to continue working with the Fazz team as businesses large and small have quickly embraced the Fazz platform.

Summary of news:

  • Southeast Asian finance firm Fazz raises $100M in Series C funding to support all kinds of businesses
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