When Hendra Kwik was looking for funding for his nascent fintech startup, the Indonesian entrepreneur struggled to get past the first meeting with venture capitalists. As he watched other overseas-educated founders raise capital, Kwik felt his lack of an Ivy League diploma made him uninvestable.
Fast forward to today, and his five-year-old company, Payfazz, is on a roll.
The startup, which enables financial inclusion through a network of agents that reach into rural areas, raised US$53 million in July 2020 from esteemed US investors Tiger Global and DST Partners. It then became an investor itself in March, when it put US$30 million into Singapore-based online payment enabler Xfers, creating a joint venture called Fazz Financial Group.