Indonesia’s PAYFAZZ raises $53m in its Series B

Indonesia-based PAYFAZZ has reportedly raised $53m in its Series B round which was led by B Capital Group and Insignia Venture Partners.

Additional contributions to the round came from Tiger Global Management, Y Combinator, ACE & Company, BRI Ventures and Quiet Capital, according to a report from Deal Street Asia.

With the fresh equity, PAYFAZZ plans on enhancing its financial services tools and seek new opportunities across Southeast Asia.

The FinTech mobile app helps consumers in Indonesia access a variety of financial services including payments and bill paying. Its solution is designed to be useful for all consumers, but especially those without access to traditional bank accounts.

Its tools include postpaid credit, multi-finance, transfer of funds, electronic money, bill payments and more.

The company raised its former round in 2019, pulling in over $21m from Tiger Global Management and more.

Earlier in the year, fellow Indonesian FinTech Qoala netted $13.5m in its Series A round. The InsurTech is a mobile platform designed to help consumer take out insurance policies for flights, trains and phones.

Capital to the round was supplied by Centauri Fund, Sequoia India, Flourish Ventures, Kookmin Bank Investments, Mirae Asset Venture Investment and Mirae Asset Sekuritas.

Other Indonesian FinTech companies to close funding rounds this year include payment app Gojek and online lending platform KoinWorks.

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