Payfazz operates a network of roughly 250,000 local agents—usually small warung, kirana and neighborhood stores—that accept cash deposits and enable customers to pay phone, electricity and other bills, and access loans. The company serves about 10 million monthly active users and recently launched loans and payments for offline retailers. Payfazz takes a 0.5%–1% commission on every transaction and agents typically set customer-facing margins of 5%–9%, while agents earn extra income from serving local traffic. The startup focuses on rural and small-town customers who lack bank branches or ATMs, using agents to onboard users who are new to digital financial services. Payfazz says it plans to expand its offerings to include more digital financial products beyond its current portfolio.

Total raised

$53M

Funding rounds

1

Latest round

Series B

Latest activity

Jul 2020