Indonesia’s Consumer Payments Fintech Flip Secures Second Close of Series B, Bringing Total to $100M+

Flip, Indonesia’s consumer payments platform, announced a second close of a Series B funding round “led by Tencent, with participation from Block, Inc. (formerly Square, Inc.) and existing investor Insight Partners.”

A number of experienced operators “participated meaningfully in this extension round, including Guillaume Pousaz, Founder & CEO of Checkout.com, through Zinal Growth; Gokul Rajaram, Executive at Doordash and Board Member at CoinBase and Pinterest; and Michael Vaughan, former Chief Operating Officer (COO) of Venmo.”

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.”

Flip will use the capital “to ramp up its workforce with a focus on engineering and product teams, invest in new product and technology development to provide a higher quality of service, and further accelerate its business expansion.”

Flip aims “to be 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.”

Flip’s innovative solutions “solve common problems experienced while conducting financial transactions, such as money getting stuck while transferring, lengthy transfer processes, and inconvenient product experiences with complicated flows.”

The company’s most prominent 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.”

Flip was founded by University of Indonesia alumni Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin who “started building the company while studying.”

The platform is “an answer to the problem Rafi himself experienced as a college student – long turnaround time to transfer funds and incurring a transfer fee each time to different banks.”

Rafi Putra Arriyan, Co-Founder & Chief Executive Officer (CEO) of Flip, said:

“The growth opportunity of the Indonesian digital economy is vast with its massive population and favorable 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.”

Gita Prihanto, Chief Operating Officer (COO) of Flip, said:

“We are humbled to receive trust and continuous support from our investors. We are also 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.”

In the first half of 2022, Flip increased the size of its team size “by 30% to over 400 employees.”

In addition, the company has “driven significant growth in user volume and has served more than 10 million users for various kinds of financial transactions from and to different regions in Indonesia and overseas.”

Its business solutions “have hundreds of companies of all sizes as users of disbursement and remittance services such as employee payroll, customer refunds, invoice/supplier payments, and international transfers.”

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