Indonesia's PAYFAZZ, Singapore fintech Xfers form financial entity
PAYFAZZ is also investing US$30m in Xfers.
Indonesia’s PAYFAZZ, an agent-based financial and payments services provider, and Singapore-based payments fintech Xfers are forming financial entity Fazz Financial Group (FFG) that aims to provide inclusion through financial services across Southeast Asia, according to a press release.
The announcement is accompanied by PAYFAZZ investing US$30m in Xfers. This reportedly marks one of the first cross-border transactions between two fintech startups in Southeast Asia, the two companies said.
Both companies will continue retaining their respective names whilst operating under the new financial entity.
FFG has appointed Hendra Kwik, co-Founder and CEO of PAYFAZZ, as group CEO. Joining him as the Group’s deputy CEO is Tianwei Liu, co-Founder and CEO of Xfers. The two will continue as CEOs of their respective companies.
The group has also appointed Robert Polana, former-CFO of Tiket.com, as chief financial officer.
Established in 2020, Xfers provides financial access to businesses across Southeast Asia through its payment infrastructure.
PAYFAZZ recently announced a US$53m Series B funding round led by B Capital and Insignia Ventures Partners, with participation from Tiger Global, Y Combinator, ACE & Company and BRI Ventures.