Friz, a Singapore-based fintech startup focused on providing financial services for freelancers, has raised an undisclosed amount in pre-seed funding from investors, including Y Combinator, 500 Durians, 500 TukTuks, Iterative VC and other prominent angel investors.
The company was part of Y Combinator’s recently-concluded W21 batch.
The capital raised will be used for the expansion of its engineering and marketing teams, as well as to expand into markets such as the Philippines and Thailand.
Launched in April 2020, Friz leverages data insights to provide financial products including credit cards, personal loans, insurance, savings and investment products for freelancers. With Friz, freelancers can keep track of and manage their incomes, expenses, savings, and borrowings all under one roof — hence boosting productivity and bridging borrowing gaps.
“We are currently serving white-collar freelancers in Singapore and will soon grow to support markets like the Philippines, Vietnam and Thailand in the region. There are more than 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,” shared Ash Rhazaly, CTO and co-founder of Friz.
“Freelancers are entrepreneurs and business people in every regard. 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. At Friz, we are determined to create a new financial paradigm for the future of work,” said Nirali Zaveri, CEO and co-founder of Friz.
“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 favour of freelance jobs across the world. 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 added.
There has been a recent upsurge in the number of freelancers operating globally, which comes from the pandemic forcing individuals into working remotely.
This trend is particularly noticeable in the Asia Pacific region, where a reported 84 per cent of hiring managers are outsourcing projects to freelancers.
Image Credit: Friz
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