HomeNewsPayfazz invests in Xfers forming Fazz Financial Group
Payfazz invests in Xfers forming Fazz Financial Group

Payfazz invests in Xfers forming Fazz Financial Group

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Payfazz, an Indonesian payment company, has combined with Xfers to create a large South East Asia payment giant.

Xfers and Payfazz combine

In a statement, Payfazz said that it had invested $30 million in Xfers, a Singapore-based payment company. The new investment will produce a payment firm known as Fazz Financial Group.

Payfazz is an Indonesian company that runs an agent-based network in Indonesia. It has more than 250,000 agents, making it one of the fastest-growing startups in the country. It recently raised $53 million from investors like Tiger Global and Y Combinator. 

The new investment in Xfers will help the company improve its infrastructure and expand its network in Singapore. 

On the other hand, Xfers is a fast-growing company that provides payment infrastructure to companies. Payfazz is one of its customers. The company was launched in 2015 and is well-known for its APIs and services that help companies to accept payments. It also recently acquired a Major Payment Institution license for issuing e-money services.

South-East Asia fast-growing

In the past few years, Indonesia and Singapore have become some of the best-performing countries in the technology world. For example, Indonesia’s Tokopedia is merging with Gojek in a deal that would value the two companies at $18 billion. This merger could happen ahead of the company’s initial public offering (IPO). 

Media reports say that Traveloka and Bukalapak are also planning to go public through a special purpose acquisition company (SPAC). Singapore has also had several billion-dollar tech startups recently. In a statement, Hendra Kwik, the CEO of the new Fazz Financial 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.”

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Crispus Nyaga
Crispus Nyaga
Crispus is a financial analyst with over 9 years in the industry. He covers the stock market, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.