Indonesian Fintech Firm Payfazz Invests $30 Million in Xfers

Payfazz, a Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term firm based in Indonesia, announced today that the company has invested $30 million in Xfers, a Singapore-based payment solutions provider for businesses. Payfazz previously raised around $53 million in a Series B funding round in July 2020 from investors including B Capital and Insignia Ventures Partners.

According to the official announcement, both companies have formed a new financial entity called the Fazz Financial Group (FFG) through the recent strategic partnership. The main purpose of the newly launched financial entity is to increase financial inclusion in Southeast Asia.

Commenting on the recent announcement, Hendra Kwik, Co-founder and CEO of Payfazz, said: “Leveraging Payfazz’s vast local Indonesia network and Xfers’ robust Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term infrastructure in the region, it was a natural next step for both firms to band together and work towards a common goal. With the newly-formed FFG group, our team will be broadening the combined capabilities to accelerate inclusion through financial services in Southeast Asia.”

Additionally, the fintech firm added that Kwik will serve as the Group CEO of Fazz Financial Group.

Regional Expansion

The company mentioned in the announcement that Xfers will serve as the B2B and Southeast Asian arm of Fazz Financial Group, while Payfazz will continue expansion in the Indonesian region. Furthermore, FFG is planning to launch two new products this year.

“This investment will further propel fintech leadership of both Payfazz and Xfers in their respective markets and regionally as they band together to provide more collaborative services across Southeast Asia. Fazz Financial Group will have a well-rounded strength in enabling inclusion through its offering of financial services across Southeast Asia. Tapping on Xfers’ strong background in payments infrastructure, regulatory compliance and technology stack, the investment will equip Payfazz in providing access to a larger network of payments, fintech, and financial services in Indonesia and across Southeast Asia,” the company added.

The fintech sector in Indonesia and Singapore is growing rapidly since the start of 2021.