Singapore-based fintech startup, Friz announced in April 2021 that it has bagged an undisclosed amount in a pre-seed funding round from Y Combinator, 500 Durians, 500 TukTuks, Iterative VC and other renowned angel investors.
The startup will use the proceeds from the funding round to expand its engineering and marketing teams, as well as to expand into regions such as the Philippines and Thailand.
About the startup
Friz was founded in April 2020. It is focused on providing financial services for freelancers. The startup leverages data insights to provide financial products including credit cards, personal loans, insurance, savings and investment products for freelancers. With Friz, freelancers can monitor and manage their incomes, expenditures, savings, and borrowings all under an umbrella hence enhancing productivity and bridging borrowing gaps.
The startup states that there has been a recent increase in the number of freelancers working globally, which comes from the COVID-19 pandemic compelling individuals into working remotely. Friz was also a part of Y Combinator’s recently-concluded W21 batch.
Statements from the stakeholders
Ash Rhazaly, CTO and co-founder of Friz said they are currently helping white-collar freelancers in Singapore and will soon grow to support markets like the Philippines, Vietnam and Thailand in the region. He noted that there are over 80 million freelancers in Asia at the moment, and this is the fastest-growing market for freelance talent, as individuals are digitally savvy, fluent in English and have diploma/degree qualifications.
Nirali Zaveri, CEO and co-founder of Friz said freelancers are entrepreneurs and business people in every sense. For a very long time, they have fallen through the cracks of traditional consumer and business banking, but it is high time that all these changes, she adds. At Friz, they are determined to build a new financial paradigm for the future of work. She further added that work-from-home arrangements have proven to large corporates and small businesses that remote work can be productive when managed through the right tools. This has led to a vast movement in the favour of freelance jobs across the globe. Employers are increasingly hiring more freelancers as they adopt agile and flexible cost structures, and individuals are enjoying the ability to access jobs from around the world and turning to freelance as a long-term career choice, she concluded.
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