back Back

Flip secures the second close of its Series B funding round, bringing the total to over $100m

By Joy Dumasia

June 15, 2022

  • Asia
  • Block
  • FinTech
Share

Flip, Indonesia’s consumer payments platform, announced a second close of a Series B funding round led by Tencent, with participation from Block, Inc. and existing investor Insight Partners. A number of eminently experienced operators participated meaningfully in this extension 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 Flip’s total Series B to more than $100 million and follows on the heels of Flip’s first Series B round in December 2021, which was co-led by Sequoia Capital India, Insight Partners, and Insignia Ventures Partners. Flip will use the capital to ramp up its workforce with a focus on engineering and product teams, invest in new product and technology development to provide a higher quality of service, and further accelerate its business expansion.

“The growth opportunity of the Indonesian digital economy is vast with its massive population and favourable demographics,” said Rafi Putra Arriyan, Co-Founder & Chief Executive Officer (CEO) of Flip. “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. Despite many others trying and failing, we have succeeded in capturing the market because of our customer-focused understanding.”

Flip aims to be the world’s most customer-centric financial technology company by enabling individuals and businesses to conduct fair, low-cost financial transactions from anywhere to anyone on a digital platform. Flip’s innovative solutions solve common problems experienced while conducting financial transactions, such as money getting stuck while transferring, lengthy transfer processes, and inconvenient product experiences with complicated flows. The company’s most prominent products include online P2P payments with interbank transfers to more than 100 domestic banks, international remittances, e-wallet top-ups, and business solutions.

Flip was founded by University of Indonesia alumni Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin who started building the company while studying. The platform is an answer to the problem Rafi himself experienced as a college student long turnaround time to transfer funds and incurring a transfer fee each time to different banks.

Gita Prihanto, Chief Operating Officer (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. The knowledge and expertise from our strong partners, both renowned global firms and angel investors will help us to grow our business amid the challenging times facing today’s global market and tech landscape. 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.” 

Previous Article

June 15, 2022

Cellulant, Jambojet Partner to Award over 600 Frequent Fliers with over 2m in Rewards

Read More
Next Article

June 15, 2022

Salv and Juni join forces to bridge the gap between safety and speed for a new risk landscape

Read More









IBSi Daily News Analysis

Middle East, Egypt

January 16, 2024

Asia

Egypt among top remittance recipient countries in 2023: World Bank

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Storfund & Mangopay to ease cash flow for marketplace sellers

Read More

Today

Revolut teams with Jabil to scale development of mobile payment solutions

Read More

Today

Worldline partners with Google to enhance cloud-based innovation

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023