Type to search

Featured Stories Mime Stories Startup News

Fazz Financial Immediately Raise Series C Funding to Realize Superapp

Fazz Financial Immediately Raise Series C Funding to Realize Superapp

Fazz Financial Group (Fazz) revealed that it is preparing a Series C funding round. A number of technology investors in the United States are said to be involved in the round.

Fazz Financial Immediately Raise Series C Funding to Realize Superapp

However, the company refused to mention the targets for this new fundraising — in fact they said some of the rumors circulating were not true.

So far, by valuation Fazz has entered the centaur category, raising more than $74.1 million in equity funding from blue-chip investors, including Tiger Global, Y Combinator, and DST Partners. A Series B Round was announced in July 2020 of $53 million led by B Capital Group and Insignia Ventures.

To become the next unicorn, the company needs at least this Series C round of at least $150 million (with a multiplier of 4x — looking at some of the new unicorns that have appeared recently).

In an official statement, the fresh funds will later be used to realize the super application, aka superapp, which offers the ability to accept payments for business clients, high yield cash accounts, corporate cards, bill/invoice payments, credit solutions, and cost management.

Currently, the company has emerged as the largest and fastest growing all-in-one financial platform serving more than 150 thousand businesses in Southeast Asia.

Fazz Financial Immediately Raise Series C Funding to Realize Superapp

Business Achievements

In the past year, the fintech group has achieved more than $10 billion in annual transaction volume on its platform, up more than 200% yoy. The company is on track to achieve more than $60 million in revenue by the end of 2022, up from $32 million in 2021.

CFO Fazz Karl Hu said, “The record full year transactions and revenue growth is a direct result of Fazz’s strategy of focusing on serving the large pool of underbanked businesses in Southeast Asia and connecting them with our comprehensive all in one financial platform.”

The Fazz platform enables MSMEs to digitize their financial and payment systems through four main pillars. First, businesses can accept all major payment types and allow transfers through all payment channels; can digitize a number of core financial and operational functions, including inventory management, bill payments, bookkeeping and payroll.

Then, take advantage of banking functions including cash accounts, to help customers save and earn high returns. Fazz also provides corporate cards to facilitate business transactions between businesses. Lastly, businesses can access growth capital through Fazz’s lending arm.

Currently, there are more than 150 thousand businesses on the Fazz platform that are directly connected to the B2B and B2C payments ecosystem.

The group also holds a number of licenses for e-money, payment acceptance, transfer, lending, banking and card functions. Blibli, Bukalapak, Aspire, Sirclo and Kargo Technologies are some of Fazz’s main clients in Singapore and Indonesia.

“Our strong growth in 2021 is just the beginning of our journey, with a long way to go to support growing businesses in the region and we will continue to double our growth in 2022,” Hu added.

Fazz Financial Immediately Raise Series C Funding to Realize Superapp

Fazz Portfolio

Fazz has now emerged as a new giant in the fintech industry with various affiliates in the financial business vertical. Through the merger with Xfers, they formed the Fazz Financial Group, bringing together three financial businesses targeting merchants (Payfazz), retail (neu), and enterprise (Xfers).

Apart from that, there are StraitsX which is engaged in developing digital assets, Modal Rakyat which is engaged in productive business lending, PT Cashfazz Teknologi Nusantara as the holder of electronic money license, the financial recording startup CrediBook which is entered into the portfolio through investments disbursed from Payfazz.

Interestingly, both Hendra and Hendoko, as well as other Payfazz co-founders are also actively investing in the early stages of various startups, whether they are directly related to the fintech world or not. Also, through your own pocket or through a VC fund. The names are UpBanx, Aspire, Verihubs, Shipper, and Pahamify.