Aditya Hadi Pratama · · 1 min readTencent leads $55m round of Indonesian payments firm
Flip, an Indonesia-based fintech firm, has raised US$55 million in the second close of its series B round led by Tencent, with participation from Block (formerly Square) and existing investor Insight Partners.
The deal pushed the total amount of funding raised in the round to more than US$100 million, as the company bagged US$48 million in the first close late last year.
Team Flip / Photo credit: Flip
Founded by Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin in 2015, Flip provides various financial products such as peer-to-peer interbank transfers, overseas transfers, e-wallet top-ups, and payment solutions for businesses.
In a statement, the company said that it has more than 10 million individuals and hundreds of companies as its users. In the first half of this year, it has increased its employee headcount by 30% to 400 people.
Flip plans to use the fresh funding for business expansion, product development, and hiring purposes.
See also: Indonesian fintech startup banks funding from Insignia Ventures Partners
Other investors in this round include:
- Checkout.com founder Guillaume Pousaz, through Zinal Growth
- Coinbase and Pinterest board member Gokul Rajaram
- Former COO of Venmo Michael Vaughan
Editing by Miguel Cordon and Lorenzo Kyle Subido
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