Southeast Asian fintech Fazz seals $100 million Series C round

Southeast Asian fintech Fazz has raised $100 million in Series C funding, which the Singapore-based firm will use to further build out its platform targeting the region’s businesses.

The Series C round consists of $75 million in equity funding led by existing investors including Tiger Global, DST Investment, B Capital, Insignia Ventures Partners and ACE & Company. In addition, the fintech has also secured a debt facility of USD 25 million from Lendable.

For Fazz – which offers a business account that allows businesses of all sizes to pay, save and get credit easily, from small and micro businesses to Fortune 500 companies – the money will accelerate the company’s vision to “catalyze Southeast Asia’s digital transformation”. Fintech has recorded a record $10 billion in transaction volume over the past year and looks set to double that number in the next 12 months. It is also seeking to recruit 600 people across Singapore, Indonesia, Malaysia, Vietnam and Taiwan.

Improving access to growth capital in Southeast Asia

Fazz CEO Hendra Kwik says, “Many businesses in Southeast Asia are still underserved, and some of them have been severely affected by the pandemic. Fazz is committed to helping them recover and grow stronger again. Our technology is our most important differentiator – we invest heavily in the technology side of our business to ensure that any business from small family shops to large enterprises can access the financial tools to build their business More importantly, we want to provide the same benefits as large companies has for small businesses and warung [family-owned stalls or shops] owners. This round of funding will enable us to build this technological advantage for our users.”

The problem that Kwik describes was exacerbated during the pandemic, especially for MSMEs, which are at a greater disadvantage due to a lack of access to finance, technology and networks. Fazz seeks to make it easier for these businesses to access financial tools that will help them streamline processes, expand their reach, improve their supply chains and get the financing they need to grow.

The latest round of funding comes two years after Fazz raised $83 million in Series B funding, bringing the company’s total funding to date close to $200 million.

Alex Cook, partner at Tiger Global, says: “Fazz provides essential financial tools to businesses in Southeast Asia, many of which lack easy access to digital payments, finance functions and growth capital. The Fazz platform has been rapidly adopted by both small businesses and large corporations, and we look forward to continuing our collaboration with the Fazz team.”

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