Xfers raises USD 30m from PAYFAZZ and jointly formed FAZZ Financial Group.
This article can now be found at: https://www.xfers.com/sg-blog/xfers-raises-usd-30m-from-payfazz-and-jointly-forms-fazz-financial-group
The official statement released by FAZZ Financial Group: https://fazzfinancial.com/press-release/payfazz-makes-strategic-investment-in-singapore-based-xfers-to-form-new-entity-fazz-financial-group/
Hi everyone,
It’s with great joy to share today that Xfers has raised a strategic investment of USD 30 million from PAYFAZZ, and jointly formed a new entity, FAZZ Financial Group (FFG). With this milestone achieved, Xfers will serve as the designated business-to-business (B2B) arm of FFG — focusing on connecting external merchants to the payment infrastructure and user network amassed by FFG as a group.
As a group, we are excited to pursue our combined mission of:
“Enabling inclusion through financial services across Southeast Asia.”
It’s been almost three years since I recall hitting the ground on Indonesia, with the hope of Payments being the means to bridge businesses in Singapore and the rest of the world to Indonesia. Since then, I’m grateful to my fellow comrades at Xfers for building out our platform that connects businesses to a range of alternative payment methods in Indonesia. Today, a business can now connect to Xfers to get immediate access to bank transfers, e-wallets, and offline cash channels such as agent banking networks and convenience stores.
More recently, in the past year of 2020, Xfers has been building up our position to enable agent banking networks (a.k.a. mom-and-pop shops or more commonly known as warung networks in Indonesia) to facilitate digital payments. PAYFAZZ was the flagship agent banking network that we had the chance to service. Through PAYFAZZ and other agent banking networks as our clients, Xfers has now amassed access to over 10 million underbanked consumers in Indonesia.
Within FFG, I’m glad to share that PAYFAZZ CEO and Co-founder, Hendra Kwik, will be the Group CEO and I’m excited to be joining him as the Group’s Deputy CEO. We are thrilled to further deepen our partnership with each other, and enable more brands to enter Southeast Asia — especially for businesses looking to access the underserved consumer segment in Indonesia.
What to expect in this coming year?
In the second quarter of the year, FFG will be focused on strengthening its infrastructure and product offerings. The group will also be looking to launch two new products namely:
- A zero-integration payment solution targeted at Singapore-based merchants
- A single-integration solution to connect brands and FinTechs looking to enter Southeast Asia with the local payment methods of the region, with the additional support of reaching out to the underbanked consumers in the region.
To my teammates at Xfers, merchants, investors, and advisors, thank you for the support given through the years since Xfers was founded. I am thrilled for the next phase of Xfers and opening up Southeast Asia to the rest of the world. #financialinclusion
With thanks,
Tianwei
CEO and Co-founder, Xfers
Deputy CEO, FAZZ Financial Group
About FAZZ Financial Group
Established in 2021, FAZZ Financial Group (FFG) is a newly formed entity as a result of a strategic partnership between two leading financial services players — Indonesian-based PAYFAZZ and Singapore-based Xfers.
FFG marks one of the first cross-border transactions between two Southeast Asian Y Combinator graduates, with the common vision of empowering the community and promoting the adoption of digital finance within Southeast Asia. The Group envisions an inclusive financial ecosystem by offering financial inclusion and access to its users.
For more information, please visit https://fazzfinancial.com/
About Xfers
Founded in 2015, Singapore-based fintech Xfers aims to accelerate financial access within Southeast Asia by enabling businesses to accept payments and send money seamlessly. Xfers boasts a range of last-mile financial rails including Xfers Send, Xfers Accept, Xfers Wallet, and Straits X stablecoin. In Singapore, Xfers is a Major Payment Institution licensed by the Monetary Authority of Singapore for e-money issuance. In Indonesia, Xfers connects online businesses to a range of payment methods which include bank transfer, e-wallet and offline channels such as agent banking networks and convenience stores.
For more information, please visit https://xfers.com/
About PAYFAZZ
PAYFAZZ operates the largest branchless banking agent network in Indonesia to distribute banking services to around 180 million unbanked who live in rural parts of Indonesia. Currently, PAYFAZZ has more than 250,000 registered agents spread across rural areas in 514 districts in Indonesia. PAYFAZZ counts Y Combinator, Tiger Global, DST Global, Insignia Ventures Partners, B Capital Group, and Indonesian Largest State-Owned Bank — BRI Ventures as its major investors.
For more information, please visit https://payfazz.com/
