Indonesian payments platform Flip makes second close of Series B round

Flip, Indonesia’s biggest consumer payments platform, announced the second closure of a Series B fundraising round headed by Tencent and including Block, Inc. (previously Square, Inc.) and current investor Insight Partners.

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, were among the notable participants in this extension round.

This new funding increases Flip’s total Series B funding to over $100 million, and it comes on the heels of Sequoia Capital India, Insight Partners, and Insignia Ventures Partners’ co-led Series B round in December 2021.

Flip plans to utilize the funds to expand its personnel, with an emphasis on engineering and product teams, invest in new product and technology development to improve service quality, and expand its business.

Rafi Putra Arriyan, Co-Founder & Chief Executive Officer (CEO) of Flip, said they 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,” Arriyan said in a statement.

Gita Prihanto, Chief Operating Officer (COO) of Flip, said in a separate statement that they are excited to welcome Tencent and Block, “who share the same goal of making fintech accessible to everyone in Indonesia.”

Flip is to be the world’s most customer-centric financial technology firm by enabling consumers and organizations to perform fair, low-cost financial transactions on a digital platform from anywhere to anybody.

With the company’s creative solutions address typical issues with financial transactions, such as money becoming trapped in the middle of a transfer, slow transfer processes, and uncomfortable product experiences with complex flows.

Online P2P (peer-to-peer) payments with interbank transfers to more than 100 local banks, foreign remittances, e-wallet top-ups, and business solution offerings are among the company’s most prominent products.