JAKARTA, Indonesia, June 14, 2022 /PRNewswire/ — Flip, Indonesia's leading consumer payments platform, today 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 eminently 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.
"The growth opportunity of the Indonesian digital economy is vast with its massive population and favorable demographics," said Rafi Putra Arriyan, Co-Founder & Chief Executive Officer (CEO) of Flip. "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.
Flip (PT Fliptech Lentera Inspirasi Pertiwi) is an Indonesian financial technology company leading in consumer payment platform. Obtaining a license from Bank Indonesia (BI) in 2016, Flip provides fair financial solutions, including interbank transfers, overseas transfers, e-wallet top-ups, digital products, and one-stop financial management solution for business (B2B).
Flip is trusted by millions of users with a rating of 4.7 out of 5, with more than 250,000 reviews on iOS and Android. In addition, hundreds of companies and SMEs (Small and Medium Enterprises) in Indonesia have the Flip B2B solution products.
Flip was founded in 2015 by Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin. Owing to the innovation and persistence of the entire team, Flip has won several awards, including Forbes 30 Under 30 and LinkedIn Top Startup. Flip aims to be the most customer-centric financial technology company in the world and enable users to do fair financial transactions from anywhere to anyone.
The Flip app can be downloaded via iOS and Android. For further information, please visit flip.id
Tencent uses technology to enrich the lives of Internet users. Its communication and social services, Weixin and QQ, connect users with each other and with digital content and services, both online and offline, making their lives more convenient. The targeted advertising service helps advertisers reach out to hundreds of millions of consumers in China. The FinTech and business services support its partners' business growth and assist their digital upgrade.
Tencent invests heavily in talent and technological innovation, actively promoting the development of the Internet industry. Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent (00700.HK) are listed on the Main Board of the Stock Exchange of Hong Kong.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm's recent fundraise, Fund XII, brings Insight Partners' regulatory assets under management to over $90B. Insight Partners has invested in more than 600 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners