Indonesia’s consumer payment platform Flip has secured the second close of its Series B funding round at $55 million, led by Tencent with participation from Block, Inc. (formerly Square, Inc.) and existing investor Insight Partners. This takes Flip’s total funding in this financing round to more than $100 million.
Founder and CEO of checkout.com Guillaume Pousaz participated in the round through Zinal Growth, besides Gokul Rajaram, an executive at Doordash and board member at CoinBase and Pinterest, and former Venmo COO Michael Vaughan.
In December last year, the startup raised $48 million in the first close of a Series B funding co-anchored by Sequoia Capital India, Insight Partners and Insignia Ventures.
Flip plans to use the fresh investment to expand its team, especially for the engineering and product divisions, invest in new products, further enhance its tech capabilities and accelerate business expansion.
Established in 2015 by Rafi Putra Arriyan, Luqman Sungkar and Ginanjar Ibnu Solikhin, the platform allows users to transfer funds between different banks at a low cost. It also aims to solve other problems such as lengthy transfer processes and inconvenient product experiences with the complex flow.
Flip’s main product is 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.
“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,” said Flip CEO Rafi Putra Arriyan.
The company has served more than 10 million users that utilise the platform to perform various transactions from and to different regions in Indonesia and overseas. Flip also partners with hundreds of corporate clients that use Flip’s enterprise services such as employee payroll, customer refunds, invoice/supplier payments and international transfers.
Despite global headwinds that have affected tech companies around the world, a slew of Indonesian startups managed to secure significant funding recently. Earlier this month, crypto trading platform Pintu announced a fresh investment of $113 million while social commerce startup Super snagged $70 million in a Series C round.
In May, Jakarta-based quick commerce startup Astro announced the completion of a $60-million Series B funding round led by investment firms Accel, Citius and Tiger Global Management, and digital investment platform Bibit raised $80 million in a funding round led by Singapore sovereign wealth fund GIC Pte.