THERE has been a lot of talk about Indonesia's unbanked population, but not many businesses are actually walking the walk to serve them, says Insignia Ventures Partners founding managing partner Tan Yinglan.

Fintech startup Payfazz, however, has been raising an offline army of agents to literally cross that last mile, he says.

Insignia led a pre-Series A investment round via convertibles into the Indonesian startup in September 2017, alongside other notable investors such as alumni of Silicon Valley accelerator Y Combinator, Vertex Ventures, Convergence Ventures and MDI Ventures. It declined to reveal the size of the deal.