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PAYFAZZ raises $53 million investment in Series B funding round

PAYFAZZ raises $53 million investment in Series B funding round
PAYFAZZ raises $53 million investment in Series B funding round

PAYFAZZ, a fintech startup headquartered in Indonesia has recently secured $53 million investment in its Series B funding round, which was led by B Capital Group and Insignia Ventures Partners accompanied by Y Combinator, Tiger Global Management, BRI Ventures, ACE & Company, and Quiet Capital.

Reportedly, Hendra Kwik, Co-Founder and CEO of PAYFAZZ stated that fintech mobile apps will revolutionize the financial service industry in the region. The company wants to partake in this digital shift by facilitating easier accessibility to bill payments, loans, money transfer, savings accounts, and investment services through smartphones to elevate Indonesia’s financial standing across Southeast Asia.

For the record, PAYFAZZ was established in 2016 and has built a distributed network of bank agents all across Indonesia, who carry out financial transactions of unbanked and underbanked clients.

The company reportedly aims to provide SMEs and rural population with technology to accelerate Indonesia’s digital transformations. It envisions to be the top digital integration platform for Indonesia’s digital economy and earn its place as a world class technology company. The company emphasized that their STEP values will bring them closer toward their dream. The company’s STEP values builds on encouraging employees to Start Small, to Take a Lead, to be Eager to Grow, and to become Pro-Customer.

The company also declared that it will develop an ecosystem solely based on customer’s requirements. It will be superior to any other competitor present in the market, the company added.

PAYFAZZ pitched its efforts in Y combinator accelerator program in 2017 and raised $21 million from investors last year. With the infusion of latest funds, the company will continue to expand its reach throughout Southeast Asia.

Source: https://www.crowdfundinsider.com/2020/07/163668-indonesian-fintech-payfazz-reportedly-secured-53-million-through-series-b-funding-round/

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Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.