Xfers
Xfers is a Singapore-MAS-licensed Major Payment Institution operating the Fazz digital financial services platform in Indonesia, serving consumers, agents, UMKM merchants, and corporates with Payfazz mobile payments, POS/EDC/QRIS acceptance, and Billfazz corporate billing for financial inclusion.
- Company typePrivate
- Founded2014
- HeadquartersSingapore, Singapore
- Headcount51–100
- GTM typeB2B and B2C
- OfferingSoftware
What Xfers does
Xfers is a Singapore-headquartered payments company licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution for e-money issuance. The firm operates the Fazz digital financial services platform, which is focused on Indonesian financial inclusion and serves four user sides: consumers via the Payfazz mobile app (fund transfers, prepaid top-ups, postpaid bill payments, cash withdrawal), agents via the Fazz Agen cash-in/cash-out network, merchants via Fazz POS (including POST and Kasir Pintar), EDC card terminals, and QRIS/QRISuara acceptance, and corporates via Billfazz, PPOB Aggregator services, and a Corporate Dashboard for bulk payment management. The platform is positioned under the broader StraitsX group, which functions as the parent payments infrastructure entity.
The underlying technology stack combines consumer-facing mobile applications with merchant hardware (POS/EDC) and a billing/aggregator infrastructure that integrates Indonesian billers and corporate enterprise clients. Distribution is hybrid: direct-to-consumer via the Payfazz app and an extensive agent/merchant network for cash and last-mile financial services in underserved Indonesian communities. QRISuara represents an accessibility-led extension to standard QRIS acceptance.
Revenue is generated primarily from transaction fees on consumer flows (transfers, prepaid top-ups, bill payments), merchant acquiring fees on POS/EDC/QRIS acceptance, and aggregator/connectivity fees from PPOB and corporate billing. Customer segments span individuals, UMKM merchants, financial agents, and corporate billers — all concentrated in Indonesia — with no disclosed enterprise anchors and limited disclosed commercial pricing detail beyond per-transaction economics.
Xfers firmographics
Firmographics- Name
- Xfers
- Website
- https://xfers.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Xfers is a Singapore-MAS-licensed Major Payment Institution operating the Fazz digital financial services platform in Indonesia, serving consumers, agents, UMKM merchants, and corporates with Payfazz mobile payments, POS/EDC/QRIS acceptance, and Billfazz corporate billing for financial inclusion.
- Ownership category
- akta.pro rank
Xfers industry classification
Industry- Product category
- Digital Payments
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure (FSAGABAE)
- akta.pro secondary industries
- Integrated Payment Processors (PSP/Acquirer) (FSAMABAA), Alternative Payment Methods (APMs) Enablement (BNPL, wallets, local methods) (FSAMACAE)
Keywords
Where Xfers is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices1 record
Markets served
Xfers business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Transaction Fees: Transaction fees from fund transfers, bill payments (pasca bayar), and prepaid top-up services processed through the Fazz platform.
- Merchant Services: Revenue from POS systems, EDC machines, and QRIS payment acceptance services provided to merchants and agents.
- PPOB Aggregator Services: Aggregator fees from providing PPOB connectivity to agents and sub-agents who resell bill payment and prepaid services.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels2 records
Xfers product offering
Product offeringCore offering
Xfers provides digital financial services through its Fazz platform, enabling Indonesian consumers, merchants, agents, and corporate clients to conduct digital transactions including fund transfers, prepaid top-ups, postpaid bill payments, cash withdrawals, and QRIS-based merchant payments. The platform also delivers enterprise-grade PPOB (Payment Point Online Bank) aggregation, corporate billing (Billfazz), and POS/EDC solutions for merchants. Xfers itself is a Major Payment Institution approved by the Monetary Authority of Singapore for e-money issuance.
Product overview
Fazz ( StraitsX Group ) operates as a comprehensive digital financial services platform offering a unified ecosystem of financial tools for Indonesian consumers, businesses, and corporate clients. The core Payfazz mobile application serves as the primary consumer interface, providing fundamental services including digital transfers (Transfer Dana), prepaid top-ups (Top Up Prabayar), postpaid bill payments (Tagihan Pascabayayar), and cash withdrawals (Tarik Tunai). The product portfolio expands through merchant-focused solutions such as POST and Kasir Pintar for point-of-sale operations, EDC terminals for card payments, and QRIS/QRISuara for QR code-based transactions. For enterprise clients, Fazz offers Billfazz as a corporate billing solution, PPOB Agregator as an aggregator service for bill payments, and a Corporate Dashboard for centralized management. Additionally, the Fazz Agen program enables financial inclusion by creating a network of agents who provide financial services in underserved communities. The platform architecture is designed for financial inclusion in Indonesia, connecting individual users, merchants, agents, and corporate entities through a cohesive digital financial ecosystem.
Differentiator
Problem solved
Functional benefit
Companies that use Xfers
Customer profileSegments4 records
Ideal customer profiles4 records
Xfers technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Xfers partnerships and signals
Strategic signalRecent moves5 records
Expansion highlights5 records
Xfers competitors and assessment
Company assessmentDirect peers
- Xendit: Xendit is an Indonesian payment processor offering payment gateway, API infrastructure, disbursements, and acceptance solutions to merchants. It is directly comparable to Fazz's Billfazz and merchant acceptance stack, serving similar UMKM and enterprise segments in Indonesia.
- Midtrans (GoTo's payment arm): Midtrans is the payment processing arm of GoTo (Gojek/Tokopedia), providing payment gateway, virtual accounts, credit cards, and QRIS acceptance for Indonesian merchants. It overlaps Fazz's POS/QRIS and Billfazz offerings, though it benefits from GoTo's super-app distribution.
- DOKU: DOKU is one of Indonesia's oldest payment gateway providers, offering online payment processing, e-money, and merchant aggregation. It competes directly with Fazz's QRIS, EDC, and PPOB aggregator stack for UMKM and enterprise clients.
- Flip (PT Fliptech Lentera Inspirasi Nuswantara): Flip is an Indonesian fintech specializing in low-cost P2P transfers, bill payments, and virtual accounts, and more recently corporate payments via Flip for Business. It overlaps with Fazz's Transfer Dana and Billfazz products for both consumers and SMEs.
- Ayoconnect: Ayoconnect is an Indonesian open finance / payment API platform providing bill payment aggregation, account verification, and disbursement APIs. It is comparable to Fazz's PPOB Agregator and corporate dashboard offerings, both targeting enterprise and platform customers.
Broad incumbents
- GoPay (GoTo): GoPay is the dominant Indonesian e-wallet within the GoTo super-app, bundling payments with ride-hailing, food delivery, and merchant services. It competes with the Payfazz consumer wallet and Fazz Agen distribution, with vastly larger user base and embedded distribution.
- OVO: OVO is a major Indonesian e-wallet with extensive QRIS merchant acceptance, loyalty integrations, and a partnership with Grab. It is a broad incumbent comparable to Payfazz's consumer wallet and Fazz POS merchant solutions.
- DANA Indonesia: DANA is a leading Indonesian e-wallet with strong merchant and consumer QRIS penetration, backed by Alibaba/Ant Group affiliations. It is a broad incumbent competing across Fazz's consumer wallet and merchant segments.
- LinkAja: LinkAja is an Indonesian e-wallet consortium formed by state-owned enterprises (Telkom, BNI, Mandiri, BRI, Pertamina), giving it unrivaled access to government payments, PPOB, and agent banking networks. It directly overlaps with Fazz's agent and bill payment services.
Others
- StraitsX: StraitsX is identified on the Fazz site as the parent/related group, issuing regulated SGD and IDR stablecoins (XSGD, XIDR) for blockchain-based settlement. It is ecosystem-adjacent infrastructure that Fazz can leverage for agent cash-out and cross-border UMKM settlement.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key highlights6 records
Customer concentration
Xfers social profiles
Digital presenceXfers financial estimates
Financial estimateRevenue estimate
Valuation estimate
Xfers leadership team
Management profileNumber of profiles
Profiles4 records
Xfers funding detail
Funding detailFunding overview
Funding rounds5 records
Investors13 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Xfers M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Xfers
What does Xfers do?
Xfers provides digital financial services through its Fazz platform, enabling Indonesian consumers, merchants, agents, and corporate clients to conduct digital transactions including fund transfers, prepaid top-ups, postpaid bill payments, cash withdrawals, and QRIS-based merchant payments. The platform also delivers enterprise-grade PPOB (Payment Point Online Bank) aggregation, corporate billing (Billfazz), and POS/EDC solutions for merchants. Xfers itself is a Major Payment Institution approved by the Monetary Authority of Singapore for e-money issuance.
Is Xfers a public or private company?
Xfers is a private company. It is classified as venture growth investor backed and is currently operating.
When was Xfers founded?
Xfers was founded in 2014. It employs 51 to 100 people.
Where is Xfers based?
Xfers is headquartered in Singapore, Singapore, in the Asia region.
How does Xfers make money?
Three revenue lines are on record. Transaction Fees are the primary driver. The others are merchant Services and PPOB Aggregator Services.
Who are Xfers's main competitors?
Direct peers on record are Xendit, Midtrans (GoTo's payment arm), DOKU, Flip (PT Fliptech Lentera Inspirasi Nuswantara) and Ayoconnect. Broad incumbents are GoPay (GoTo), OVO, DANA Indonesia and LinkAja. StraitsX is listed as an others.
Does Xfers have an API?
No public API is recorded for Xfers.
What industry is Xfers in?
Xfers's product category is Digital Payments. Its primary akta.pro industry code is FSAGABAE, Merchant-of-Record (MoR) & Payment Facilitation (PayFac) Infrastructure, with a secondary code of FSAMABAA, Integrated Payment Processors (PSP/Acquirer). Its NAICS code is 52232 and its SIC code is 6211.