Indonesian payments platform Flip closes $100m Series B

Gita Prihanto, Chief Operating Officer (COO) of Flip (left); Ginanjar Ibnu Solikhin, Co-Founder of Flip (upper center); Luqman Sungkar, Co-Founder & Chief Technology Officer (CTO) of Flip (right); and Rafi Putra Arriyan, Co-Founder & Chief Executive Officer (CEO) of Flip (lower center).

Indonesian consumer payment platform Flip has secured the second close of its Series B, which brings the round’s total to $100m.

Tencent served as the lead investor, with commitments also coming from Block, which was formerly Square, and Insight Partners.

Several angel investors also joined the round, including founder and CEO Guillaume Pousaz, Doordash executive Gokul Rajaram and former Venmo COO Michael Vaughan.

Flip initially closed its Series B at $48m in December 2021. Sequoia Capital India, Insight Partners, and Insignia Ventures Partners co-led the capital injection.

With the funds, Flip hopes to hire more staff in its engineering and product teams, invest into new product and technology development initiatives and accelerate its business expansion efforts.

In the first half of 2022, the company increased its team by 30% to reach more than 400 employees. It has also seen a “significant” growth in user volume and served over ten million users.

Flip’s ambition is to become “the most customer-centric financial technology company in the world by enabling individuals and businesses to conduct fair, low-cost financial transactions from anywhere to anyone on a digital platform.”

It also helps to resolve common issues with financial transactions, such as money getting stuck in transfers, lengthy processes and inconvenient product experiences.

Its features include P2P payments with interbank transfers to over 100 domestic banks, international remittances, e-wallet top-ups and business solution products.

Flip co-founder and CEO Rafi Putra Arriyan said, “The growth opportunity of the Indonesian digital economy is vast with its massive population and favourable demographics.

“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.”

There have been a couple of big ticket FinTech deals in Indonesia in 2022. Crypto trading app PINTU recently collected $113m in its Series B funding round, while InsurTech startup Qoala bagged $65m.

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