AAA Payfazz puts up $30m for Xfers

Payfazz puts up $30m for Xfers

Indonesia-based online payment services provider Payfazz has invested $30m in Singapore-based peer Xfers in a deal that will involve them establishing a new entity called Fazz Financial Group (FFG).

Xfers provides an online platform that enables businesses to accept a variety of payment methods commonly used in Singapore, such as bank transfers, e-wallets and offline payment methods.

Payfazz operates a cloud-based platform that facilitates payments through a network of agents that act as intermediaries with banks. Both companies are graduates of Y Combinator’s accelerator.

The companies will retain their individual names but will operate under FFG as part of an agreement aimed at fostering collaboration and improving financial inclusion in Southeast Asia. Xfers will be FFG’s business-to-business services arm and will connect merchants to its payment infrastructure.

Hendra Kwik, co-founder and chief executive of Payfazz, will be group CEO at FFG, while Tianwei Liu, co-founder and CEO of Xfers, will be deputy CEO. Both will maintain their roles at their respective companies.

Xfers raised $2.5m in a 2016 seed round featuring GMO Venture Partners, the corporate venture capital arm of internet company GMO, as well as Golden Gate Ventures, 500 Startups, Partech Ventures, BWB Ventures, Convergence Ventures and Eduardo Saverin.