PAYFAZZ Invests US$30 Million in Xfers to Form New Entity Fazz Financial Groupby Fintech News Singapore March 4, 2021
Indonesian fintech startup PAYFAZZ announced that it has invested US$30 million in Xfers, Singapore-headquartered counterpart to form a new financial entity called Fazz Financial Group (FFG).
PAYFAZZ said that both companies will retain their respective names whilst operating under the new financial entity where the FFG will oversee their combined mission of providing inclusion through financial services across Southeast Asia.
With this investment, Xfers will serve as the designated business-to-business (B2B) arm of FFG, focused on connecting external merchants to the payment infrastructure and user network amassed by FFG as a group.
In Indonesia, Xfers currently connects businesses to a range of payment methods that includes bank transfer, e-wallet and offline channels such as agent banking networks and convenience stores.
Through PAYFAZZ and other agent banking networks as its clients, Xfers has reportedly amassed access to over 10 million underbanked consumers in Indonesia.
PAYFAZZ currently operates as an agent-driven banking network with more than 250,000 registered agents.
In the second quarter of the year, the FFG will be focused on strengthening its infrastructure and product offerings by launching two new products.
FFG has appointed Hendra Kwik, Co-Founder and CEO of PAYFAZZ as Group CEO to drive the concerted direction from both firms. Joining him as the Group’s Deputy CEO is Tianwei Liu, Co-Founder and CEO of Xfers. The two will continue as CEOs of their respective companies. The Group has also appointed Robert Polana, former-CFO of Tiket.com as Chief Financial Officer.
Hendra Kwik, Group CEO of Fazz Financial Group, said,
“Leveraging PAYFAZZ’s vast local Indonesia network and Xfers’ robust payments infrastructure in the region, it was a natural next step for both firms to band together and work towards a common goal.
With the newly-formed FFG group, our team will be broadening the combined capabilities to accelerate inclusion through financial services in Southeast Asia.”
Tianwei Liu, Deputy CEO of Fazz Financial Group said,
“We are thrilled to further deepen our partnership with PAYFAZZ, and for Xfers’ new role as the B2B and regional arm of Fazz Financial Group. With more resources on hand, we are also looking forward to helping more brands enter Southeast Asia.
Especially for businesses looking to access the underserved consumer segment in Indonesia.”
PAYFAZZ had announced last year a Series B fundraise of US$53 million led by B Capital and Insignia Ventures Partners, with participation from Tiger Global, Y Combinator, ACE & Company and BRI Ventures.
Featured image: L-R: Fazz Financial Group – Tianwei Liu, Deputy CEO and Hendra Kwik, Group CEO