Flip, an Indonesian digital payment platform, announced on Wednesday that it had completed round-B+ financing totaling $55 million, which was led by Tencent with additional participation by Insight Partners and Block. Other investors include Guillaume Pousaz, the founder and CEO of Checkout.com, and Gokul Rajaram, a board member of Coinbase and Pinterest.
The proceeds from the new round of financing will be used to expand Flip’s technology development and product team, accelerate business expansion, and invest in new technologies to provide higher quality services.
Flip completed round-B financing worth $48 million in December 2021, which was jointly led by Sequoia Capital India, Insight Partners and Insignia Ventures Partners. As of the latest round of financing, Flip’s total financing amount reached $120 million.
Established in 2015, Flip mainly provides customers with a series of innovative payment solutions to help them solve common problems such as inter-bank transfers, overseas remittances, e-wallet recharges and electricity bill payments. Flip obtained an operating license issued by Bank Indonesia in 2016.
The key feature of Flip is that its customers can safely remit money and transfer money at any time without any extra costs. Its mobile application can be downloaded for iOS and Android, and the whole payment process can be completed on phones, which are simple and convenient to operate.
In addition, Flip helps customers pay for electricity bills, purchase power tokens, recharge phone bills and purchase web traffic at the lowest costs. For enterprise customers, Flip provides a one-stop financial management solution. As of October 2021, Flip had garnered more than 7 million users, including individual and enterprise users.
Flip’s co-founders, Rafi Putra Arriyan, Luqman Sungkar and Ginanjar Ibnu Solikhin, are alumni of the University of Indonesia, having started the company while they were studying. The original intention of Flip was to solve the problems encountered by Rafi during the studies, such as long capital turnover time and extra fees when transferring money among different banks.
Flip has now grown into a mature company. During the first half of 2022, Flip’s team rose to more than 400 employees, an increase of 30% year-on-year. According to Gita Prihanto, Flip’s chief financial officer, Flip handles more than $12 billion in transactions each year.
Rafi, co-founder and CEO of Flip, said: “Indonesia’s digital economy has great growth opportunities, based on the country’s large population. We believe in the great potential of digital payment and are committed to helping millions of individuals and business users execute various currency transactions at the lowest cost through our platform.”