Tianwei Liu co-founded Xfers in Singapore. The company launched around 2015 as payment infrastructure, and later added Indonesia. It went through Y Combinator.
In early 2020 Liu and Hendra Kwik of Payfazz began talking about combining their companies. Xfers had payments technology and a Singapore licence. Payfazz ran an agent network that served small merchants in Indonesia.
In March 2021 Payfazz invested $30 million in Xfers and Fazz Financial Group was formed. Kwik became Group CEO and Liu Group Deputy CEO. A Series B followed, led by Insignia Venture Partners and B Capital, with Tiger Global in the round.
In September 2022 Fazz raised a $100 million Series C, with Tiger Global and B Capital continuing. The money went into lending and an all-in-one app. The group said it served more than 150,000 businesses.