Flip lands $55 million in Series B expansion to create fair financial services for all

There are many fintech companies out there, but Flip is making a name for itself by providing affordable financial services to millions of users. Services offered include bank transfers, topping up e-wallets, sending money abroad, and purchasing digital products. Flip even offers services for businesses, making it easier to manage business finances. If you want to learn more about Flip and its plans for this additional funding, check out the following article.

Flip, an Indonesia-based consumer payment platform, has closed a $55 million Series B expansion round led by Tencent with participation from Block (formerly known as Square) and backer existing fund Insight Partners.

In addition, a number of other investors, including Checkout.com founder and CEO Guillaume Pousaz; Doordash executive and Coinbase and Pinterest board member Gokul Rajaram and former Venmo COO Michael Vaughan participated in the expansion.

The latest funding, which follows its first Series B fundraising of $48 million in December last year, brings Flip’s total to $120 million since its inception in 2019. did not disclose its valuation. When asked if it was flat or rounded, the company’s COO declined to comment.

Flip has helped over 10 million people in Indonesia in May this year, up from over 7 million users in December 2021, to access financial transactions, including online interbank transfers to over 100 domestic banks, e-wallet recharges and international remittances, allowing users to send money from Indonesia to more than 45 countries and business payment transfer products, Flip COO Gita Prihanto told TechCrunch . Hundreds of businesses use Flip’s disbursement and remittance services for employee payroll, customer reimbursements, bill/vendor payments and international transfers. Flip processes more than $12 billion in transactions annually, Prihanto noted.

Flip plans to use the capital to bolster its workforce with a focus on engineering and product teams. Its team has grown 30% to more than 400 employees by June 2022 from a team of 300 in December 2021, Prihanto said. The startup will also invest in new products and technology development to provide better quality of service and fuel its business expansion.

University of Indonesia alumni Rafi Putra Arriyan (CEO), Luqman Sungkar (CTO) and Ginanjar Ibnu Solikhin co-founded Flip in 2015 to address problems in Indonesia’s financial transaction system, such as blocking money when transferring and transfer fees to different banks. and lengthy transfer processes.

“The opportunities for growth in Indonesia’s digital economy are vast with its massive population and favorable demographics,” Flip co-founder and CEO Rafi Putra Arriyan said in a statement. “We are focused on laser to help millions of Indonesians, individuals and businesses, execute various low-cost money transactions through our platform.”

“We are honored to receive the confidence and continued support of our investors,” Prihanto said in his prepared statement. “We are also delighted to welcome Tencent and Block, who share the same goal of making fintech accessible to everyone in Indonesia.”

In March, TechCrunch reported that Block had also invested in Kyash, a Tokyo-based fintech startup, which appeared to be the company’s first investment in Asia.

The original article can be found on TechCrunch.

Spencer Hulse is editor at Grit Daily News. It covers affiliate, viral and marketing news.

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