Jakarta, Indonesia – Indonesia’s consumer payments platform Flip has secured a Series B funding round led by Tencent, with participation from Block, Inc. (formerly Square, Inc.) and existing investor Insight Partners.
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.
With the newly secured funding, Flip will be ramping up its workforce with a focus on engineering and product teams, investing in new product and technology development to provide a higher quality of service, and further accelerating its business expansion.
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. Its 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, Flip’s co-founder and CEO, shared that they are laser-focused on helping millions of Indonesians, both individuals and businesses, execute various money transactions at a low cost through their 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,” said Arriyan.
Meanwhile, Gita Prihanto, Flip’s chief operating officer, commented that they are 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,” said Prihanto.