Fazz Borrower Profile

Borrow name: Fazz
Website: https://fazz.com/

Fazz is a financial technology company that provides business accounts offering effortless payment, savings, and credit solutions. Our goal is to level the playing field for businesses of all sizes, enabling them to build, run, and grow with equal opportunity in Southeast Asia. In Indonesia, we serve the warung (small shops) and MSME customer segments through our Fazz Agen brand. In Singapore and Indonesia, we support small to medium-sized businesses and enterprises with our Fazz Business brand. Moreover, we have established ourselves as a leading issuer of stablecoins in both countries through our StraitsX platform.

Company Highlights

  • Fazz was formed in 2021, a result of a merger between PayFazz and Xfers, two Y Combinator alumni based in Southeast Asia
  • We have has raised more than US$180M of equity from global and local investors including Tiger Global, Insignia Venture Partners, B Capital and BRI Ventures
  • Headquartered in Singapore and Indonesia, Fazz has over 700 employees spread across regional offices in Malaysia, Taiwan, and Vietnam

Who We Are
Hendra Kwik - Hendra is currently the CEO of Fazz. He co-founded Payfazz in 2016, the first Indonesian start-up to make it into the Y Combinator program, and held the CEO position at the company before its merger with Xfers in 2021. Hendra is a prominent figure in the Indonesia fintech landscape, and is often invited to speak at fintech events and conferences. He was also selected in the 2019’s list of Forbes 30 Under 30 of Asian young entrepreneurs and rising stars in banking and fintech.

Tianwei Liu - Tianwei is currently the DCEO of Fazz. He was previously the co-founder and CEO of Xfers, a Y Combinator fintech startup based in Singapore. Prior to founding Xfers in 2015, Tianwei worked 2 years at Amazon Lab126 in Silicon Valley as a Software Development Engineer. He also held two positions at WIMM Labs (acquired by Google). Tianwei graduated from Stanford University and the National University of Singapore.

Hendoko Kwik - Hendoko manages the day-to-day operations of Fazz. Hendoko has more than 10 years of experience in the banking industry with a focus in SME banking and credit infrastructure. Prior to Fazz, Hendoko has held management positions in various Indonesian banks, namely Bank Samporena, Bank BTPN and Bank Danamon. He was also the co-founder of Modal Rakyat, a P2P fintech lending platform which serves micro, small and medium enterprises.

Kenny Hua Chan - Kenny leads the corporate strategy and fundraising functions within Fazz. He was previously the Head of Corporate Strategy at Grab, responsible for the company’s public listing process on Nasdaq in 2021. He was one of Grab Singapore’s first international hires in 2017 and prior to that, was a management consultant at Oliver Wyman, New York. Kenny holds a Bachelor of Science in Economics from The Wharton School

How we do it
Fazz, through its platforms, offers a range of business loans, including revolving credit lines, working capital loans and term loans for invoice, inventory financing for micro business owners and SMEs in Indonesia and Singapore.

We have successfully deployed more than US$460M of loans, having an outreach of more than 160,000 unique borrowers across Singapore and Indonesia. Our historical NPLs have been consistently below industrial averages, at <1.0%

Our loan origination is driven by our local networks of business owners, our sales team efforts, and an increasing inbound interest via our self-serve platforms. We also offer our credit solutions to users on the Fazz platforms to help manage their working capital and grow their businesses on top of their day-to-day banking needs.

Our Competitive Edge

  1. We have one of the fastest loan application process, averaging around 3 days from application to disbursement
  2. We administer all our loans through our proprietary platform and an escrow account that controls the use of loan proceeds, ringfencing against any potential bad actors
  3. We leverage on our rich datasets to maintain our AI-driven credit models, which is used for credit risk scoring and for pre-emptively predict loans at risk, in real-time

What should Backers expect?
Management financials and portfolio performance will be available to Goldfinch Backers on a quarterly basis.

Why Goldfinch?
At Fazz, our core products are built upon our beliefs in providing real world financial inclusion to everyone in Southeast Asia. Similarly, through the use of decentralised finance (DeFi) and blockchain technology, Goldfinch is uniquely positioned to bring financial inclusion and improve access to debt capital for businesses. We believe that the Goldfinch platform offers a more efficient, and innovative way to raise debt capital and are excited to participate in raising capital through the platform.

What we plan to bring to the Goldfinch community

  • We have plans to raise an additional US$5-10M of debt capital, over the next year
  • There are further partnership opportunities with our stablecoin business, with the Goldfinch protocol
  • We also intend to participate as a Backer investor in other investment vehicles in the future

If we vote for you to help raise additional capital in GoldFinch, then of course I vote YES

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