Hendra Kwik co-founded Payfazz, a payments platform in Indonesia that works through agents serving small merchants. Payfazz is Y Combinator-backed, like Xfers, the Singapore payments company founded in 2015.
Kwik and Xfers co-founder Tianwei Liu started talking about combining the two companies in early 2020. In March 2021 Payfazz invested $30 million in Xfers. The two businesses became Fazz Financial Group, with Kwik as Group CEO and Liu as Group Deputy CEO.
The merger gave the group payment rails in Singapore and an agent network in Indonesia. In September 2022 Fazz raised a $100 million Series C, with Tiger Global and B Capital continuing as investors.
At the time of that round the platform served more than 150,000 businesses and handled about $10 billion in annualised transaction volume. Fazz is privately held.