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Payfazz a startup that provides financial and payment services through agents, just raised US$53 million in series B funding.
The round was led by B Capital Group and Insignia Ventures Partners, along with existing investors Tiger Global Management, Y Combinator, ACE & Company, and Quiet Capital. New backers such as BRI Ventures – the venture arm of the biggest bank in Indonesia – also participated.
The company will use the fresh capital to strengthen its ecosystem of financial services in Indonesia’s rural economy and explore new opportunities across Southeast Asia.
Payfazz’s app helps users buy prepaid phone credit, pay electricity bills, and top up mobile wallets through an agent. The platform currently has a network of more than 250,000 active agents. Payfazz also claims that about 10 million Indonesians make transactions via its agents every month.
Since its inception in 2016, the Jakarta-based company has expanded its offerings to include more financial services like peer-to-peer lending, a point-of-sale system, and a freelancer marketplace.
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