1. Startups

Payfazz Announces Series B Funding Worth 767 Billion Rupiah

Funding led by B Capital Group and Insignia Ventures, supported by Tiger Global Management, Y Combinator, ACE & Company, Quiet Capita and BRI Ventures

Payfazz today (06/7) announced the acquisition of series B funding of US$53 million or equivalent to 767,7 billion Rupiah. This investment round was led by B Capital Group and Insignia Ventures, supported by previous investors Tiger Global Management, Y Combinator, ACE & Company, and Quiet Capita; and also involved BRI Ventures as a new investor.

This funding will strengthen the company's mission to expand its market reach throughout the Southeast Asian region. As is known, with its various services Payfazz tries to increase financial access digitally in rural areas.

In Indonesia, their services are widely applied in traditional stalls, enabling traders to accommodate various types of financial services, such as buying credit, paying electricity bills, borrowing money, and withdrawing cash.

Payfazz Co-Founder & CEO Hendra Kwik in his remarks said, "We see that the application fintech smartphone-based technology will revolutionize the financial services industry in Southeast Asia. We want to be part of the revolution by making it easier to access bill payments, money transfers, loans, opening savings accounts and investing through smartphones, so as to accelerate financial inclusion in Southeast Asia."

Previously in interview DailySocial with Payfazz early last year, Hendra had said about this fundraising. Regional expansion is indeed the main agenda in the future. He believes that the Payfazz line is in accordance with the needs of rural communities for financial products.

“There are several countries in ASEAN that can be replicated [with lessons learned from Indonesia]. Maybe go to one or two countries first, but I don't know if this year because it's still being studied which one is the most strategic.”

In addition, they also plan to strengthen the R&D team, to enable the solutions presented are always relevant to the needs of the market share.

Had time to do business efficiency

Payfazz / Payfazz . team lineup

The Covid-19 pandemic also has an impact on Payfazz, because the micro economy in the regions has also stalled due to social restrictions and so on. Not long ago, through its official statement, the company said it had made business efficiency by allocating funds and resources to business units that were considered promising, namely small business, financial services, and digital banking.

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This decision has implications for 10% reduction of labor. Hendra said that the company made a decision to reorganize and refocus so that it is necessary to reduce the professional workforce so that the company remains a sustainable business. Previously, the number of workers in Payfazz reached 600 people.

In its journey, Payfazz carried out various business expansions so as to form a business group called Fazz Financial. Underneath it are POST, Sellfazz POS, Fazzcard, Billfazz, and Canfazz. All of these products target various consumer segments.

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