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. However, when we contacted one of the company's executives, he was reluctant to mention the targets for this new fundraising -- he even said that some of the rumors circulating were not true.

So far, in terms of valuation, Fazz has entered the category centaur, raised more than $74,1 million in equity funding from various investors blue chips, including Tiger Global, Y Combinator, and DST Partners. Series B . Round announced in July 2020 for $53 million led by B Capital Group and Insignia Ventures.

To be unicorn next, at least the company needs this Series C round of at least $150 million (with a multiplier of 4x -- reflecting on some unicorn recently appeared).

In an official statement, the fresh funds will later be used to realize the super alias application super app which offers business client payment acceptance capabilities, high yield cash accounts, corporate cards, billing/invoicing, credit solutions, and expense management. It is said that now the company has transformed into a financial platform all-in-one largest and fastest growing business serving more than 150 businesses in Southeast Asia.

Business achievements

Last year, the group fintech it has reached over $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.

Fazz CFO Karl Hu said, “The record full year transactions and revenue growth are 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.”

Fazz platform allows MSMEs digitize the financial system and their payments through the 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 Portfolio

Fazz has now emerged as a new giant in the industry fintech which has various affiliates in the financial business vertical. Through merging with Xfers to form Fazz Financial Group, uniting three financial businesses targeting merchant (Payfazz), retail (new), and enterprise (Xffers).

Apart from that, there is StraitsX which is engaged in digital asset developer, Modal Rakyat which is engaged in lending productive business, PT Cashfazz Teknologi Nusantara as the holder of electronic money license, a financial recording startup CrediBook which is included in 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 world. fintech or not. Also, through your own pocket or through fund VC. The names are UpBanx, Aspire, Verihubs, Shipper, and Pahamify.