Both companies will be part of a newly formed financial entity that aims to provide inclusion through financial services across Southeast Asia.
Singapore’s Xfers has received a strategic investment of $30 million from Payfazz, which operates the largest agent-driven banking network in Indonesia, to form Fazz Financial Group (FFG), according to a statement on Thursday.
With this investment, Xfers will serve as the designated business-to-business arm of FFG, focused on connecting external merchants to the payment infrastructure and user network amassed by FFG as a group.
FFG will be led by CEO Hendra Kwik, Payfazz co-founder and CEO, and deputy CEO Tianwei Liu, co-founder and CEO of Xfers. The two will continue as CEOs of their respective companies. The group also appointed Robert Polana, former-CFO of Tiket.com as chief financial officer.
With more resources on hand, we are also looking forward to helping more brands enter Southeast Asia. Especially for businesses looking to access the underserved consumer segment in Indonesia, Liu said.
Payfazz and Xfers are both graduates of the Y Combinator accelerator programme.
Payfazz recently announced a $53 million Series B fundraise, led by B Capital and Insignia Ventures Partners, with participation from Tiger Global, Y Combinator, ACE & Company and BRI Ventures.
Founded in 2015, Xfers allows individuals to make and receive payments online and helps merchants set up their e-wallet services.