Payfazz, a fintech firm based in Indonesia, announced today that the company has invested $30 million in Xfers, a Singapore-based payment solutions provider for businesses. Payfazz previously raised around $53 million in a Series B funding round in July 2020 from investors including B Capital and Insignia Ventures Partners.
According to the official announcement, both companies have formed a new financial entity called the Fazz Financial Group (FFG) through the recent strategic partnership. The main purpose of the newly launched financial entity is to increase financial inclusion in Southeast Asia.
Commenting on the recent announcement, Hendra Kwik, Co-founder and CEO of Payfazz, 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.”
Additionally, the fintech firm added that Kwik will serve as the Group CEO of Fazz Financial Group.
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The company mentioned in the announcement that Xfers will serve as the B2B and Southeast Asian arm of Fazz Financial Group, while Payfazz will continue expansion in the Indonesian region. Furthermore, FFG is planning to launch two new products this year.
“This investment will further propel fintech leadership of both Payfazz and Xfers in their respective markets and regionally as they band together to provide more collaborative services across Southeast Asia. Fazz Financial Group will have a well-rounded strength in enabling inclusion through its offering of financial services across Southeast Asia. Tapping on Xfers’ strong background in payments infrastructure, regulatory compliance and technology stack, the investment will equip Payfazz in providing access to a larger network of payments, fintech, and financial services in Indonesia and across Southeast Asia,” the company added.
The fintech sector in Indonesia and Singapore is growing rapidly since the start of 2021.