The destination countries for the new money transfers include the United Kingdom, Australia, Japan, Turkey, China, and South Korea.
In 2021, the number increased by 49 percent to reach approximately $70 billion as compared to the figure in 2020. The growth of our digital market was accelerated due to the pandemic," President said.
Minister of Finance (Menkeu) Sri Mulyani Indrawati said Indonesia's digital economy is the largest in Southeast Asia, as reflected in the total sales value (Gross Merchandise Value / GMV) of 70 billion US dollars
Fazz, Digital Financial Startup Gets USD100 Million Series C Funding
TheIndonesia.id - Southeast Asia Digital Financial Services company Fazz, formerly known as Fazz Financial Group, announced getting Series C funding of US$100 million. The funding consists of US$75 million in equity, which includes investments from existing investors such as Tiger Global, DST Investment, B Capital, Insignia Ventures Partners, and ACE & Company.
"This funding allows us to build technological advantages for our users," said Chief Executive Officer (CEO) Fazz Hendra Kwik in an official statement in Jakarta, Wednesday, September 14, 2022.
He revealed that many businesses in Southeast Asia do not have access to financial services and some of them have been severely affected by the pandemic, so Fazz is here to help them recover and grow back stronger. Lack of access to technology tools and equitable bank funding is a key challenge for MSMEs in Southeast Asia, with the funding gap currently reaching US$300 billion.
Fazz's technology is a key feature that makes a huge investment in technology in business to ensure any business, from small family-owned shops to large corporations, can access financial services to build a business. Fazz wants to provide the same benefits to small businesses and shop owners as large companies.
Other investors participating in the funding include Ilham Ltd (related to the Southeast Asian sovereign wealth fund), EDBI, InterVest, Y Combinator Managing Director Michael Seibel, and GGV Capital Managing Partner Hans Tung. Fazz signed the terms and conditions with the lendable for a loan facility worth 25 million US dollars.
Kwik explained that the funding in this latest series will be used to build Fazz, a business account that allows businesses of all sizes to make payments, storages, and obtain credit easily in Southeast Asia, thereby accelerating the company's vision to accelerate digital transformation in the region.
This investment is based on the recent success of Fazz, where the company recorded a record annual transaction volume of US$10 billion over the past year. Fazz wants to double its transaction volume in the next 12 months, as well as expand its team in Singapore, Indonesia, Malaysia, Vietnam, and Taiwan from over 800 members to 1,400 members.
Fazz consists of Fazz Agent, Fazz Business, Modal Rakyat, and StraitsX services.
Tiger Global partner Alex Cook sees Fazz as providing an important financial tool for businesses in Southeast Asia, as many of them do not yet have easy access to digital payments, treasury functions, and capital growth. "The Fazz platform has been adopted rapidly by small businesses and large corporations, so we look forward to continuing our partnership with Fazz," said Cook.