Flip Raises $55M In Second Close of Series B Funding

Gita Prihanto, Chief Operating Officer (COO) of Flip (left); Ginanjar Ibnu Solikhin, Co-Founder of Flip (upper center); Luqman Sungkar, Co-Founder & Chief Technology Officer (CTO) of Flip (right); and Rafi Putra Arriyan, Co-Founder & Chief Executive Officer (CEO) of Flip (lower center).

Flip, a Jakarta, Indonesia-based consumer payments platform, raised $55m in the second close of a Series B funding.

The funding, which brings Flip’s total Series B to more than $100 million, was led by Tencent, with participation from Block, Inc. (formerly Square, Inc.) and existing investor Insight Partners, as well as 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.

The company intends to use the funds to accelerate team development, new product & technology innovation, and business expansion.

Founded by University of Indonesia alumni Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin, Flip (PT Fliptech Lentera Inspirasi Pertiwi) is a consumer payment platform licensed from Bank Indonesia (BI) that provides fair financial solutions, including interbank transfers, overseas transfers, e-wallet top-ups, digital products, and one-stop financial management solution for business (B2B). 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.

The app can be downloaded via iOS and Android.