What Fazz does

Fazz is a Singapore-headquartered digital financial services group operating a multi-product platform across Southeast Asia, with primary operations in Indonesia. The group was formed through the combination of Y Combinator alumni Hendra Kwik's Payfazz and Tianwei Liu's Xfers, both founded in 2016, and now spans five core product lines: Payfazz (agent-based financial services for Indonesian warungs and micro merchants), Billfazz (corporate and PPOB bill payment aggregation), Fazza (consumer savings, lending, and digital payments), StraitsX (MAS-licensed stablecoin issuance and cross-border settlement for XUSD and XSGD), and Modal Rakyat (agent and merchant lending). Supporting modules include POST and Kasir Pintar (POS), EDC terminals, QRIS acceptance, and the QRISuara soundbox. Underlying technology combines traditional bank and e-wallet integrations (130+ Indonesian banks plus major e-wallets) with the StraitsX blockchain-based settlement layer hosted on AWS infrastructure.

Fazz makes money primarily through transaction fees and commissions across its agent network and bill payment aggregation services, supplemented by interest income from Fazza deposits (offering up to 9% annual returns via a licensed cooperative, Koperasi Kas Pintar), micro-lending yields via Modal Rakyat, and stablecoin settlement and digital asset service revenue from StraitsX. Distribution is hybrid: a 4.5M+ agent channel for SMB and micro-merchant services, a direct-to-consumer app for Fazza, a sales-led enterprise motion for Billfazz, and direct institutional sales for StraitsX. The company employs approximately 764 people, reported FY2024 revenue of $114.6 million, and is backed by Tiger Global, B Capital, Insignia Ventures, BRI Ventures, MUFG, EDBI, and DST Global, with corporate headquarters in Singapore and a regional operating hub in Jakarta.

Name

Fazz

Legal name

XFERS Pte. Ltd.

Website

https://fazz.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Fazz is a Singapore-headquartered digital financial services group operating an integrated fintech platform across Southeast Asia, spanning agent banking (Payfazz), consumer finance (Fazza), corporate bill payments (Billfazz), lending (Modal Rakyat), and MAS-licensed stablecoin infrastructure (StraitsX) serving micro-merchants, consumers, corporates, and financial institutions.

Ownership category

akta.pro rank

Product category

Digital Financial Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Credit Intermediation and Related Activities (522)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)

akta.pro secondary industries

Biller Direct EBPP Platforms (FSAMAJAA), Payment Initiation & Account-to-Account (A2A) Payments (PIS, RTP initiation) (FSAGACAI), Accounts Payable (Invoice Processing, 2/3-Way Match, Vendor Payments) (BPAAAGAA)

Keywords

• Digital payment services
• Agent banking platform
• Stablecoin infrastructure
• Bill payment aggregation
• Consumer finance app

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Agent Transaction Fees: Fazz earns commissions from agents conducting financial transactions including airtime reload, bill payments, money transfers, e-wallet top-ups, and QRIS payments. Agents purchase balance at competitive rates and earn margins on each transaction.
2. Fazza Interest Income: Fazza generates returns through deposits (up to 9% per year) and lending products. The platform partners with licensed cooperatives for deposit management and offers digital loans without collateral.
3. Corporate Bill Payment Aggregation: Billfazz for Corporate charges corporate clients for bulk bill payment processing, PPOB aggregation, and scheduled payment management services.
4. Stablecoin Settlement Services: StraitsX provides stablecoin-native settlement infrastructure, cross-border transaction services, and digital asset integration for financial institutions and payment providers.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Fazz operates a digital financial services platform across Southeast Asia that enables micro and small businesses (warungs) to act as financial service agents via Payfazz, offers consumers savings and loans through Fazza, delivers corporate bulk bill payment aggregation via Billfazz, and provides MAS-licensed stablecoin settlement infrastructure through StraitsX. The platform processes digital payments, interbank transfers, bill payments, and cross-border settlements, leveraging blockchain-based stablecoin technology alongside traditional payment rails.

Product overview

Fazz is a digital financial services group operating a platform-plus-modules architecture across Southeast Asia. The core ecosystem comprises four main products: Fazz Agen (now Payfazz) for agent-based financial services to micro and small businesses in Indonesia, Fazz Business for business banking, Billfazz for corporate bill payment aggregation, and StraitsX for digital asset infrastructure and stablecoin services (XUSD and XSGD). Supporting modules include Fazza (individual banking app), POST/Kasir Pintar (POS solutions), Modal Rakyat (P2P lending), QRIS payment acceptance, QRISuara soundbox, and EDC terminals. The company was formed from the merger of Y-Combinator alumni Hendra Kwik's Payfazz and Tianwei Liu's Xfers/StraitsX.

Differentiator

Problem solved

Functional benefit

Brands

• Fazz Agen: Agent-based fintech platform empowering micro and small businesses (warung) in Indonesia to provide financial services including interbank transfers, bill payments, and digital product sales.
• Payfazz
• Fazza
• StraitsX
• Billfazz

Products and services

• Payfazz Agent-based fintech platform enabling micro and small businesses (warungs) in Indonesia to act as financial service agents, providing interbank transfers, bill payments, airtime reload, e-wallet top-ups, QRIS acceptance with 30-second settlement, cash withdrawals, and prepaid tokens to their local communities in exchange for per-transaction commissions.
• Fazza Consumer mobile financial application offering personal savings with up to 9% annual returns managed via a licensed Indonesian cooperative, digital loans without collateral, QRIS payments across millions of merchants, e-wallet top-ups, bill payments, and installment (cicilan) options without requiring a credit card.
• Billfazz Corporate bill payment and PPOB aggregator platform for businesses, supporting bulk uploads, scheduled payments, settlement-based payments, and a corporate dashboard; integrates PDAM, electricity, BPJS, phone credits, and other recurring bills for multi-branch enterprises.
• StraitsX Stablecoin-native settlement layer and MAS Major Payment Institution that issues XUSD and XSGD stablecoins, provides on-chain payment solutions, liquidity management tools, stablecoin integration APIs, and cross-border transaction services for financial institutions, payment providers, and web3 companies across Southeast Asia.
• Fazz Business Business banking platform providing small businesses and MSMEs across Southeast Asia with access to core financial services through the Fazz ecosystem.
• Modal Rakyat Peer-to-peer lending platform providing working-capital loans up to Rp10 million for Payfazz agents and small businesses in Indonesia, operated in partnership with PT Modal Rakyat Indonesia, which is licensed and supervised by OJK.

Quantifiable outcome

• 30-second QRIS settlement (vs traditional H+1)
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• Amazon Web Services (AWS)coreTechnology or IntegrationStraitsX leverages AWS cloud infrastructure to power its stablecoin settlement platform, enabling seamless borderless payments. AWS provides the technology infrastructure for digital payment processing.
• Indonesian Banks (BRI, BCA, BNI, Mandiri, BSI, Permata, CIMB Niaga)coreTechnology or IntegrationPayfazz integrates with major Indonesian banks enabling money transfers to hundreds of bank accounts. Agents can transfer funds to any of these banks with competitive pricing starting from Rp1,000.
• E-wallet Partners (DANA, OVO, ShopeePay, GoPay, LinkAja, Maxim Driver, Grab Driver)coreTechnology or IntegrationPayfazz agents can top up balances for all major Indonesian e-wallets including DANA, OVO, ShopeePay, GoPay, LinkAja, Maxim Driver, and Grab Driver, enabling comprehensive digital wallet services.
• Koperasi Kas PintarcoreStrategic or Co-development PartnerFazza partners with Kartu Kas Pintar Cooperative, registered and supervised by Indonesia's Ministry of Cooperatives, to provide secure savings and deposit services. The cooperative manages deposits professionally and in regulatory compliance.
• PT Modal Rakyat IndonesiacoreStrategic or Co-development PartnerModal Rakyat provides financing support for Payfazz agents, offering loans up to Rp10 million for agent working capital. Licensed and supervised by Indonesia's Financial Services Authority (OJK).

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Xendit: Indonesia-focused payment infrastructure provider serving SMBs and enterprises with payouts, disbursements, and acceptance APIs. Direct comparable to Billfazz and Payfazz's B2B payment rails, serving similar Indonesian merchants and corporates with API-first payment infrastructure.
• OVO: Major Indonesian e-wallet and payments platform serving consumers and merchants with QRIS acceptance, bill payment, and digital financial services. Directly competes with Payfazz/Fazza for Indonesian agent, merchant, and consumer wallet share.
• DANA Indonesia: Indonesian digital-wallet platform offering QRIS payments, bill pay, and merchant services, backed by Ant Group and Emtek. Closely comparable consumer-merchant payments offering and distribution model in the same Indonesian market.
• Akulaku: Indonesia-headquartered consumer fintech offering BNPL, virtual credit cards, digital wallets, and P2P lending across Southeast Asia. Comparable to Fazza's savings/lending and Modal Rakyat's micro-credit, with similar target customer segments in Indonesia.
• Kredivo: Indonesia-headquartered digital credit platform offering PayLater, personal loans, and credit cards to underbanked consumers. Comparable to Fazza's consumer lending and Modal Rakyat's agent financing in target customer and risk profile.

Broad incumbents

• GoTo Financial (GoPay): Indonesian super-app financial services arm of GoTo, operating GoPay e-wallet, mid-market lending, and merchant services. Overlaps directly with Payfazz's agent/merchant payments and Fazza's consumer wallet, but as part of a much broader ride-hailing and commerce platform.
• SeaMoney (ShopeePay): Financial-services arm of Sea Group, providing ShopeePay e-wallet, SPayLater credit, and merchant lending across Southeast Asia. Comparable in consumer payments, BNPL/credit, and merchant services, but bundled within a much larger e-commerce and gaming conglomerate.
• Grab Financial Group: Financial services arm of Grab, offering GrabPay e-wallet, GrabFin lending, and merchant solutions across Southeast Asia. Overlaps with Fazz's agent payments, consumer wallet, and digital financial services, but as part of a larger super-app.
• Ripple (RLUSD): Established cross-border payments and stablecoin (RLUSD) infrastructure provider with deep bank and payment-provider relationships. Comparable to StraitsX in cross-border settlement and regulated stablecoin rails, but operating at much larger scale and broader geographic reach.

Emerging players

• Paxos: US-regulated stablecoin issuer and blockchain infrastructure provider offering USDP, PAXG, and enterprise settlement services. Comparable to StraitsX as a regulated stablecoin-native settlement provider, though operating in different regulatory jurisdictions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@payfazz
• LinkedInlinkedin.com/company/fazz-financial-group

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries5 records

Funding overview

Funding rounds7 records

Investors21 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fazz