AFG Expands into the Philippines with JazzPay Acquisition

ASEAN Fintech Group (AFG), the Singapore-based venture capital company, has acquired JazzyPay, the digital payments provider valued at $1.8 million, AFG announced on Thursday (Jan. 6).

JazzyPay allows businesses to accept cashless payments. The Philippines-based company boasts seamless onboarding that enable merchants to quickly adopt online payments and integrate its payments platform into the merchant’s business processes.

The purchase is intended to build on AFG’s mission to craft a regional omnichannel platform in the FinTech space. Following this, AFG said it plans to expand into Vietnam and Cambodia this year.

With the acquisition, AFG said it hopes to leverage JazzyPay’s partnerships with international banks, eWallets and payment processors. The platform’s team of founders and executives said it will continue to spearhead the Jazzypay’s growth, with accelerated resources and support.

“At JazzyPay, we provide fast, accessible and versatile digital payment solutions for businesses of all sizes,” said Kathleen Acosta-Marindo, co-founder and COO of JazzyPay, in a statement.  “We believe working together and being a part of AFG’s fast-growing portfolio of companies will enhance our capabilities across ASEAN, fast-tracking the advancement of Southeast Asia’s FinTech ecosystem and digital future.”

In total, AFG said it has invested more than $10 million so far on what it calls strategic mergers and acquisitions of burgeoning FinTech startups within the region.

Douglas Gan, AFG’s executive director, said FinTech in Southeast Asia experienced tremendous growth last year, and the company is bullish that the trend will continue in 2022.

Last year, PYMNTS reported the FinTech space in Singapore is expected to attract an estimated $3 billion by the close of 2021, Sopnendu Mohanty, the Monetary Authority of Singapore’s chief FinTech officer, said.

Read more: FinTech Sector in Singapore Could Hit $3B in Funding

The amount raised is expected to be triple 2020’s sum and comes as Singapore is maneuvering to be a regional hub for capital raising in the region.