Flip scores USD 55 million in Series B funding
JAKARTA. Flip, an Indonesia-based consumer financing platform, announces its success in collecting USD 55 million in its second round of the Series B funding led by Tencent and Block Inc.
Several other global investors also took part in this second round funding. They include Insight Partners, Zinal Growth, Gokul Rajaram, and Michael Vaughan.
With this fresh money on hand, Series B funding of Flip has now recorded a total funding of over USD 100 million. Flip scored its first round of Series B funding in December 2021.
Rafi Putra Arriyan, Founder and Chief Executive Officer (CEO) of Flip, said that the second round of Series B funding will further advance Flip’s mission in expanding fintech solution and digital economy ecosystem in Indonesia. “The opportunity of digital economy development in Indonesia is wide open with its massive population and promising demography,” he explained.
For context, Flip is established with an intention to become a cheaper alternative for payment and money transfer. It obtained a license from Bank Indonesia in 2016, and it now handles international money transfer as well. Since its initial formation, Flip has served over 10 million users. (KR/ZH)