Tencent, Block back Indonesian fintech platform Flip with $55M Series B extension – Nob6

Flip, an Indonesia-based shopper fee platform, has closed a $55 million Sequence B extension spherical led by Tencent with participation from Block (previously often called Sq.) and current backer Perception Companions.

Moreover, quite a lot of different buyers, together with founder and CEO of Checkout.com Guillaume Pousaz; government of Doordash and board member of Coinbase and Pinterest Gokul Rajaram and former Venmo COO Michael Vaughan participated within the extension. 

The most recent funding, which follows its first Sequence B increase of $48 million in December final yr, brings Flip’s whole 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 folks in Indonesia as of Could 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 over 45 nations and enterprise fee switch merchandise, Flip COO Gita Prihanto instructed Nob6. 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 staff by June 2022 from a staff of 300 folks in December 2021, Prihanto stated. The startup additionally will put money into new merchandise and know-how improvement to supply a better high quality of service and gasoline its enterprise enlargement. 

College of Indonesia alumni Rafi Putra Arriyan (CEO), Luqman Sungkar (CTO) and Ginanjar Ibnu Solikhin co-founded Flip in 2015 to handle issues in Indonesia’s monetary transactions system, equivalent to cash getting caught whereas transferring and incurring a switch payment to totally different banks and prolonged switch processes. 

“The expansion alternative of the Indonesian digital economic system is huge with its large inhabitants and favorable demographics,” co-founder and chief government officer of Flip Rafi Putra Arriyan stated in an announcement. “We’re laser-focused on serving to hundreds of thousands of Indonesians, each people and companies, execute varied cash transactions at a low price by means of our platform.”

“We’re humbled to obtain belief and steady assist from our buyers,” Prinhanto stated in its ready assertion. “We’re additionally thrilled to welcome Tencent and Block, who share the identical goal of creating fintech accessible to everybody in Indonesia.”

In March, Nob6 reported that Block additionally invested in Kyash, a Tokyo-based fintech startup, which seemed to be the corporate’s first funding in Asia.