Payfazz, an Indonesia-based mobile wallet developer backed by telecoms firm Telkom Indonesia, has raised more than $21m in funding from investors including hedge fund manager Tiger Global Management, DealStreetAsia has reported.
Founded in 2016, PayFazz has built a mobile wallet that enables citizens in Indonesia to conduct financial transactions such as making online payments, paying bills or topping up phone credit, without users requiring a bank account.
MDI Ventures, the corporate venturing arm of Telkom Indonesia, has confirmed it is a shareholder in PayFazz but has not disclosed details of when or how much it invested.
The company received $120,000 from Y Combinator in August 2017 after becoming the first Indonesia-based startup to enter the accelerator.