Ricky Winata is a co-founder of Payfazz and was its founding chief technology officer. He started the Jakarta fintech company in 2016 with Hendra Kwik, who became CEO, and Jefriyanto, who became chief product officer.
Payfazz built a network of agents who sold payments, e-money and lending services to people without bank accounts. It earned commission of 0.5% to 1% on each transaction. Early obstacles were low financial literacy in rural areas and fraudsters posing as agents.
In June 2020 it announced a $53 million Series B led by B Capital Group and Insignia Ventures, with Tiger Global, Y Combinator, ACE & Company, Quiet Capital and BRI Ventures. In August 2020 it had about 250,000 agents and 10 million users, with monthly transactions above Rp 1 trillion.
The company secured a Bank Indonesia e-money licence in 2020. In 2022 it merged with Singapore's Xfers to form Fazz Financial Group.