Picture Credit: nala_rinaldo / Getty Photos
Flip, an Indonesia-based client cost platform, has closed a $55 million Sequence B extension spherical led by Tencent with participation from Block (previously often known as Sq.) and current backer Perception Companions.
Moreover, plenty of different buyers, together with founder and CEO of Checkout.com Guillaume Pousaz; govt of DoorDash and board member of Coinbase and Pinterest Gokul Rajaram and former Venmo COO Michael Vaughan participated within the extension.
The newest funding, which follows its first Sequence B increase of $48 million in December final yr, brings Flip’s complete raised to $120 million since its inception in 2019. The corporate didn’t disclose its valuation. When requested if it was flat or an up spherical, the corporate COO declined to touch upon it.
Flip has helped over 10 million individuals in Indonesia as of Might this yr, up from greater than 7 million customers in December 2021, to entry monetary transactions, together with on-line interbank transfers to greater than 100 home banks, e-wallet top-ups and worldwide remittances, enabling customers to ship cash from Indonesia to greater than 45 nations and enterprise cost switch merchandise, Flip COO Gita Prihanto advised TechCrunch. Lots of of firms use Flip’s disbursement and remittance providers for worker payroll, buyer refunds, bill/provider funds and worldwide transfers. Flip processes greater than $12 billion in transactions yearly, Prihanto famous.
Flip plans to make use of the capital to ramp up its workforce with a deal with engineering and product groups. Its staff has elevated by 30% to greater than 400 workers by June 2022 from a staff of 300 individuals in December 2021, Prihanto mentioned. The startup additionally will spend money on new merchandise and expertise improvement to supply the next high quality of service and gas its enterprise enlargement.
College of Indonesia alumni Rafi Putra Arriyan (CEO), Luqman Sungkar (CTO) and Ginanjar Ibnu Solikhin co-founded Flip in 2015 to deal with issues in Indonesia’s monetary transactions system, corresponding to cash getting caught whereas transferring and incurring a switch payment to completely different banks and prolonged switch processes.
“The expansion alternative of the Indonesian digital financial system is huge with its large inhabitants and favorable demographics,” co-founder and chief govt officer of Flip Rafi Putra Arriyan mentioned in an announcement. “We’re laser-focused on serving to hundreds of thousands of Indonesians, each people and companies, execute numerous cash transactions at a low price by way of our platform.”
![Indonesian fintech Flip](https://techcrunch.com/wp-content/uploads/2022/06/Photo-Flip-Management-2.jpg?w=680)
Gita Prihanto, chief working officer of Flip (left); Ginanjar Ibnu Solikhin, co-founder of Flip (higher middle); Luqman Sungkar, co-founder & chief expertise officer of Flip (proper); and Rafi Putra Arriyan, co-founder & chief govt officer (CEO) of Flip (decrease middle). Picture Credit: Flip
“We’re humbled to obtain belief and steady assist from our buyers,” Prihanto mentioned in its ready assertion. “We’re additionally thrilled to welcome Tencent and Block, who share the identical objective of creating fintech accessible to everybody in Indonesia.”
In March, TechCrunch reported that Block additionally invested in Kyash, a Tokyo-based fintech startup, which gave the impression to be the corporate’s first funding in Asia.