Indonesian fintech startup Flip raises US$100m following second close of Series B funding

CONSUMER payment platform Flip on Tuesday (Jun 14) announced a second close of a Series B funding round that has brought the total amount raised by the Indonesian fintech startup in this round to US$100 million.

This latest round was led by Tencent, with participation by Block and existing investor Insight Partners, Flip said in a statement.

It added that a number of experienced operators participated meaningfully in this extension round, including:

• Guillaume Pousaz, founder and chief executive of Checkout.com;
• Gokul Rajaram, executive at Doordash and board member at CoinBase and Pinterest; and
• Michael Vaughan, former chief operating officer of Venmo

Flip’s first Series B round in December raised US$48 million and was co-led by Sequoia Capital India, Insight Partners and Insignia Ventures Partners.

In the first half of 2022, the startup expanded its team by 30 per cent to over 400 employees, Flip said, adding that it has driven “significant growth in user volume” and served more than 10 million users in various financial transactions.

The startup said it will use the new capital to ramp up its workforce with a focus on engineering and product teams, invest in new product and technology development to improve service quality and further accelerate its business expansion.

“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,” said Gita Prihanto, Flip’s chief operating officer.

Flip was founded by 3 University of Indonesia alumni, who wanted to build a platform to ease fund transfers that took too long and were costly.

Rafi Putra Arriyan, co-founder and chief executive of Flip, said Indonesian digital economy offers vast growth opportunities “with its massive populationi and favourable demographics”.

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“We believe in the vast potential of P2P 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,” he said.