Xfers

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.

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

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

• Digital payment services
• Mobile financial services
• PPOB bill payments
• QRIS payment acceptance
• Financial inclusion platform

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Transaction Fees: Transaction fees from fund transfers, bill payments (pasca bayar), and prepaid top-up services processed through the Fazz platform.
2. Merchant Services: Revenue from POS systems, EDC machines, and QRIS payment acceptance services provided to merchants and agents.
3. 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

Core 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

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Recent moves5 records

Expansion highlights5 records

Direct 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

• Xx.com/xfers
• Facebookfacebook.com/Xfers
• LinkedInlinkedin.com/company/xfers

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds5 records

Investors13 records

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

M&A

Investments

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

Frequently asked questions about Xfers