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Fazz, the Southeast Asian digital financial services group formed by the merger of PayFazz and Xfers, today announced that it has raised a total of $100 million in Series C funding. This includes a $75 million equity and $25 million debt facility.
The equity investment came from return investors Tiger Global, DST Investment, B Capital, Insignia Ventures Partners and ACE & Company, along with Ilham Limited, EDBI, InterVest, Y Combinator Managing Director Michael Seibel and GGV Capital Managing Partner Hans Tung. The debt facility is from Llandable.
Faz will use the round to continue building its business accounts, including payment, savings and loan features. The company said it saw $10 billion in annual sales last year. It plans to double its turnover in the next 12 months, growing its teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 employees to 1,400.
Formerly known as FAZ Financial Group, FAZ aims to close the $300 billion financing gap that has exacerbated the pandemic and provide MSMEs with the same tools as large businesses.
CEO Hendra Quick said in a press release: “Our technology is our key differentiator – we invest heavily in technology to ensure that any business, from small family shops to large enterprises, has access to the financial tools to build. Their business.
Faz’s divisions include Faz Aggen, an agent-based financial application for SMEs in Indonesia, Faz Business, its business accounts, serving businesses from MSMEs to large corporations, Modal Rakyat, Peer-to-Peer. Straits X, a provider of lending and borrowing services and payment infrastructure for MSMEs.
Tiger Global Partner Alex Cook said in a press release: “Faz provides valuable financial tools to businesses in Southeast Asia, many of which do not have easy access to digital payments, treasury functions and growth capital. The Phase platform has been quickly adopted by small businesses and large corporations alike, and we look forward to continuing our partnership with the Phase team.
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