Southeast Asian fintech Fazz has raised US$100mn in Series C funding, which the Singapore-based company will use to further develop its platform geared for the region’s enterprises.
The Series C round of funding comprises of US$75 million in equity funding and is led by current investors Tiger Global, DST Investment, B Capital, Insignia Ventures Partners, and ACE & Company. The fintech has also obtained a US$25 million debt facility from Lendable.
The funds will help Fazz get closer to its goal of “catalysing Southeast Asia’s digital transformation,” which is to provide a business account that makes it simple for companies of all kinds to pay, save, and obtain credit, from micro and small firms to Fortune 500 companies.
According to Hendra Kwik, CEO of Fazz, “Many businesses in Southeast Asia are still underserved, and some of them have been severely impacted by the pandemic. Fazz is intervening to assist them in healing and regaining their strength. Our technology is what sets us apart from the competition. We make significant investments in the digital side of our business to make sure that any company, from tiny family businesses to large corporations, can access the financial resources they need to grow. More importantly, we aim to give small enterprises and warung [family-owned stalls or shops] owners the same advantages that huge corporations enjoy. We’ll be able to develop this technological edge for our users thanks to this round of funding.