Data Vantage | Fazz, McEasy report funding updates, others file financials

Edition #208, 15 Sep 2022


Dear Reader,

Fintech firm Fazz, formerly known as FAZZ Financial Group, on Wednesday announced it has secured $100 million in a Series C round that comprised equity and debt financing.

The announcement confirmed a DealStreetAsia report in June on the startup’s plans to raise a minimum of $100 million in new funding and of having secured at least $60 million of it from Tiger Global Management, Brunei Investment Agency and other investors.

According to its regulatory filings, Fazz has received $67.32 million so far in equity funding of the $75 million it is set to receive in the round.

Top shareholders in Fazz

Data as of Sept 15. Source: DATA VANTAGE

In another equity funding update, Indonesian SaaS startup McEasy received $2.5 million last week from East Ventures and Waresix as part of a $6.5 million Series A round announced in July.

McEasy plans to use the fresh capital to enhance its tech capabilities and strengthen its presence in Indonesia’s tier two and three cities. As of July, the company claimed to have grown more than 12 times in 18 months.

Financial updates from DATA VANTAGE

Singapore-based B2B payments platform 2C2P saw a 10.5% year-on-year drop in profit in 2021 as its total revenue slipped by 7.7% to $112.9 million. The financials — read our story for the details — reflect the status of the company’s business prior to its acquisition by China’s Ant Group on June 24.

Thunes Asia, a subsidiary of Singapore-based cross-border payments firm Thunes, made a significant business turnaround last year by reporting a positive bottom line on the back of a 12x revenue growth. Thunes counts major tech companies such as Grab, Revolut and PayPal among its clients.

Paktor, a Singapore-based dating and networking app, managed to turn a profit last year after reporting losses in 2020. The company, which was acquired by Kollective Ventures in 2020, managed to achieve the feat despite a 71.8% drop in revenue.

Manabie, a Singapore-based firm that provides an end-to-end digital infrastructure to educators, also turned a profit last year, according to its latest financial report. The company, which raised $8 million from investors in June, grew its revenue by four times in 2021.

Smart sanitary solutions company Rigel saw a 28.8% increase in revenue last year, allowing it to book a profit after a challenging 2020. The company raised funding last year, which included a $1.5 million investment from Heliconia Capital.

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