Flip’s US$100 Million Series B Round Sees Participation from Tencent and Block, Inc
by Fintech News Indonesia June 15, 2022Flip, Indonesian consumer payments platform, announced a second close of a Series B funding round that brings its total funds raised to more than US$100 million.
The round was led by Tencent with participation from Block, Inc. (formerly Square, Inc.) and existing investor Insight Partners.
Other angel investors who participated in the fundraise include Guillaume Pousaz, Founder & CEO of Checkout.com, through Zinal Growth; Gokul Rajaram, Executive at Doordash and Board Member at CoinBase and Pinterest; and Michael Vaughan, former Chief Operating Officer (COO) of Venmo.
This new funding comes on the heels of Flip’s first US$48 million Series B round in December 2021 which was co-led by Sequoia Capital India, Insight Partners, and Insignia Ventures Partners.
Flip said that it will use the capital to expand its workforce with a focus on engineering and product teams, invest in new products and technology development, and further accelerate its business expansion.
The company’s most prominent products include online P2P (peer-to-peer) payments with interbank transfers to more than 100 domestic banks, international remittances, e-wallet top-ups, and business solution products.
Rafi Putra Arriyan
Rafi Putra Arriyan, Co-founder and CEO of Flip said,
“We are laser-focused on helping millions of Indonesians, both individuals and businesses, execute various money transactions at a low cost through our platform.
We believe in the vast potential of P2P (peer-to-peer) payment because it is customary in Indonesia to send money via transfer for both personal, family, or household purposes.”
Gita Prihanto
Gita Prihanto, COO of Flip said,
“We are humbled to receive trust and continuous support from our investors. We are also thrilled to welcome Tencent and Block, who share the same purpose of making fintech accessible to everyone in Indonesia.
This investment phase invigorates our aspiration to have an even greater positive impact on society by continuing to expand our fintech solutions and by promoting the digital economy ecosystem in Indonesia.”
