FAZZ

Fazz is a Southeast Asian financial services group that provides payment acceptance, business banking-style accounts, transfers, lending and related software to businesses ranging from micro-merchants (warungs) to large corporations, primarily in Indonesia and Singapore. It positions itself as an all-in-one finance platform and a B2B neobank with payment acceptance capabilities, and states it is the market leader among underbanked segments such as warungs and startups while building a broader platform for mid-market and enterprise clients.

The group was formed by the March 2021 merger of Payfazz, an Indonesian agent-network payments company, and Xfers, a Singapore-headquartered payments infrastructure provider. Its operating units include Fazz Agen, Fazz Business, the P2P lending platform Modal Rakyat, and StraitsX, which handles payments infrastructure and stablecoin issuance. Licenses held by the group are described as covering remittances, P2P lending, banking aggregation, multi-finance, electronic money, QRIS and payment gateway.

As stated on its Y Combinator profile, Fazz processes more than $6 billion of annualized gross transaction value and has reached $25 million of annualized revenue, with a team size of 500 and headquarters in Jakarta, Indonesia. At the time of its 2022 Series C the company reported $10 billion in annualized transaction volumes for the prior year and 800 employees across Singapore, Indonesia, Malaysia, Vietnam and Taiwan.

Founding story

Co-founder Hendra Kwik has described conceiving the business after returning to Indonesia and experiencing failed mobile phone top-ups and cash-based payments, seeing an opportunity to replicate PayPal-style digital payments locally. The initial consumer product was launched before GoPay existed, but the central bank required the company to stop free transfers because it lacked an e-money license, prompting a pivot from consumer payments to serving merchants (later called agents) to generate revenue toward obtaining licenses. As incumbent marketplaces launched their own payment products, Kwik sought investors, applied to Y Combinator and was invited to interview. Seeking help with fundraising in Singapore, he was hosted by Tianwei Liu, who became an angel investor in Payfazz and later co-founder/Group Deputy CEO after the Xfers merger.

Business model

Fazz operates as a B2B neobank and payments platform, monetizing financial services delivered to merchants and businesses. Product lines span payment acceptance (e-wallet, bank transfer, credit card), business cash accounts paying stated interest of 4%, transfer and payout APIs, corporate cards, invoice processing, lending products including instant settlement and invoice financing, and value-added SaaS such as inventory and expense management. Group units include Fazz Agen (agent-based app for micro and small businesses in Indonesia), Fazz Business (business accounts for MSMEs through large corporates), Modal Rakyat (P2P lending for MSMEs) and StraitsX (payments infrastructure and stablecoin issuance). One investor account describes the group as four businesses: PayFazz (neobank for small and medium shops in Indonesia), BillFazz (neobank for enterprises in Indonesia), Fazza (consumer/retail neobank in Indonesia) and StraitsX (stablecoin issuance and stablecoin neobank globally).

Revenue derives from business financial services: payment acceptance and processing, transfers and payment APIs, corporate cards and invoice processing, lending products (instant settlement, invoice financing, P2P lending via Modal Rakyat), and value-added SaaS subscriptions such as inventory and expense management. The company reported $25 million of annualized revenue on its Y Combinator profile.

Traction

Y Combinator profile figures: more than $6 billion annualized GTV, $25 million annualized revenue, over $74 million raised and a team of 500. At the 2022 Series C the company reported $10 billion in annualized transaction volumes for the prior year, 800 employees and plans to reach 1,400 across five markets. The warung network is described as exceeding 200,000 outlets.

Latest developments

A December 2025 investor profile describes Fazz as a global fintech group of four businesses (PayFazz, BillFazz, Fazza and StraitsX) with institutional partnerships including MUFG via Bank Danamon and MUFG Innovation Partners. Secondary-market and press-mention listings report UQ Fintech Lab joining Fazz's cap table (September 2025) and a $12.5 million raise (August 2026). Shares in Fazz are listed as available on the EquityZen pre-IPO secondary marketplace.