Flip, a financial technology company that provides consumer payment platforms, has secured a Series B 2nd round of funding led by Tencent with participation from Block, Inc. (formerly Square, Inc.) and an existing investor, Insight Partners. A number of leading global investors took part in the round, including 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 brings the Series B Flip's total to over $100 million. Previously, Flip received Series B Phase One funding in December 2021 led by Sequoia Capital India, Insight Partners and Insignia Ventures Partners. Flip will use this investment for team development with a focus on engineering and product teams, investment in new product development and technology to improve service quality, and accelerate business expansion.
"The opportunity for digital economic growth in Indonesia is very open with a massive population and favorable demographics," said Rafi Putra Arriyan, Founder and Chief Executive Officer (CEO) of Flip in an official statement, Wednesday (15/6/2022).
Gita Prihanto, Chief Operating Officer (COO) of Flip, said, "This investment strengthens our aspiration to have a greater positive impact on society by continuing to expand Flip's fintech solutions and promote the digital economy ecosystem in Indonesia.
Flip aims to be a customer-focused financial technology company by helping individuals and businesses conduct financial transactions fairly from anywhere for anyone via a digital platform. Some of Flip's products are online P2P (peer-to-peer) payment services interbank transfers with to more than 100 domestic banks, international money transfers (Flip Globe) to more than 45 countries, e-wallet top-up or top-up, product purchases digital (toll, data plans, electricity bills, and electricity tokens), and solutions for businesses or companies (Flip for Business).
In the first half of 2022, Flip or Flip Team's employees grew by 30% to over 400 employees. In addition, Flip has served more than 10 million users for various types of financial transactions to and from various regions in Indonesia and abroad.
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