Y Combinator, an incubator of startup companies headquartered in the United States, released the list of Most Performing Companies through its website earlier this month. Out of the approximately 2,000 companies that are members of the Y Combinator, 100 of them are classified as the fastest-growing company.
Then, PAYFAZZ became one of those selected companies in the world, in line with several other world-class startup companies like Airbnb, Dropbox, and Reddit. Previously in 2017, PAYFAZZ received funding from Y Combinator. This makes PAYFAZZ the first company from Indonesia to join Y Combinator.
Besides, PAYFAZZ is the only company to receive this award from Indonesia. This award was considered as a great international appreciation for PAYFAZZ and Indonesia. It could also prove the effort of PAYFAZZ to provide digital financial services for the community.
“This is an appreciation of international scale prestige for PAYFAZZ and Indonesia. In the last few years, we have consistently moved to remote parts of the archipelago to invite Micro, Small and Medium Enterprises (MSMEs) to be our agents,” Hendra Kwik, PAYFAZZ’s Chief Executive Officer (CEO) and co-founder, said.
He added that the more agents join, the greater the access to digital financial services for the people in Indonesia. Meanwhile, PAYFAZZ itself is a financial technology (fin-tech) company. Currently, PAYFAZZ empowers hundreds to thousands of MSMEs and millions of rural residents to take advantage of financial technology services.
Since it was founded in 2016 by Hendra Kwik, Ricky Winata, and Jefriyanto, PAYFAZZ has carried out a variety of business expansions to form a business group called FAZZ FINANCIAL. It has several business lines including PAYFAZZ, SELLFAZZ, BILLFAZZ, and LOANFAZZ.
As an agency-based financial platform, PAYFAZZ is a payment solution for the public, especially those who do not have a bank account. Through SELLFAZZ, businessmen can take advantage of the full-featured online cashier application. Then, BILLFAZZ is to provide financial services.
In this case, BILLFAZ offers PPOB (Payment Point Online Bank) and pulse servers. Meanwhile, agents who want to apply for business credit digitally for productive business capital can use LOANFAZZ. This service is available in collaboration with a peer-to-peer lending company, PT Capital People Indonesia.
FAZZ FINANCIAL is committed to taking part in realizing the digital economy in Indonesia. Efforts are being made to build a digital financial services ecosystem by integrating all lines of business they have. In this case, PAYFAZZ focuses more on supporting MSMEs.
“(With PAYFAZZ) the public can carry out transactions of daily necessities quickly, anytime and anywhere,” PAYFAZZ’s Head of Marketing, Putri Yulianti, said recently. Today, this startup has 200 active users who make transactions using its service. And they are targeting 300 thousand agents by the end of 2019.
Although using the concept of an agent and when inviting others to become a PAYFAZZ agent, people would get a reward, PAYFAZZ is not a multi-level marketing (MLM). “We do not require recruitment of agents, and the rewards that we provide are not like those in MLM,” Putri said.
By becoming a PAYFAZZ agent, SME entrepreneurs can market their products online. Moreover, these agents can also sell credit, payment services like electricity bills, and multi-payment. PAYFAZZ can be a payment solution for the public, especially those who do not yet have a bank account.