Flip Back Pockets Series B Financing worth IDR 804 billion

Flip Back Pockets Series B Financing worth IDR 804 billion
Flip Back Pockets Series B Financing worth IDR 804 billion

Jakarta, Gizmology – When the startup world is convulsed by the shutdown phenomenon, the same is not true of Flip. This fintech startup that has been around since 2016 has just received funding from investors.

This is based on official information received. Gizmologists, Wednesday (6/16/2022) which indicated that Flip had received an investment of US$55 million or around Rp. 804 billion. The second round of Series B funding was led by Tencent with participation from Block, Inc. and former investor, Insight Partners.

Additionally, several global investors participating in this round included Guillaume Pousaz, Founder and CEO of Checkout.com, through Zinal Growth; Gokul Rajaram, Doordash executive and CoinBase and Pinterest board member; and Michael Vaughan, former COO of Venmo.

With this new funding, Flip has secured a total Series B funding of over $100 million, with its inaugural round in December 2021 led by Sequoia Capital India, Insight Partners and Insignia Ventures Partners.

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Flip said the investment it had just received would be used for team development with a focus on product and engineering teams, developing new products and technologies to improve service quality and accelerate business expansion.

Rafi Putra Arriyan, founder and CEO of Flip, said that currently the opportunity for digital economic growth in Indonesia is wide open with a massive and profitable population. This has led him to focus on helping millions of Indonesians, both individuals and businesses, to transact money at a reasonable cost.

“We believe in the potential of P2P payments (from peer to peer) which is very big in Indonesia, where it is customary to send money by bank transfer, whether for personal, family or household purposes. To date, we have managed to optimize these segments through our customer-centric understanding,” he said.

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Flip has over 10 million users

Regarding the latest round of financing obtained, Gita Prihanto, COO of Flip said that she is very proud to receive the trust and continued support of investors. According to him, this investment can strengthen his aspirations to have a greater positive impact on society by expanding the Flip fintech solution and promoting the digital economy ecosystem in Indonesia.

“We are also very pleased to welcome Tencent and Block, who share the same goal of making fintech accessible to everyone in Indonesia. Experience of our partners, both global institutions and angeles investor, Please help us grow our business amidst the challenging situation facing the global market and current technology landscape.”

With the investment made by investors in Flip, of course, it seems to add a ray of hope that the future of the startup world is not so bleak. While some startups are experiencing operational efficiencies and adjusting to layoffs, the same is not true for Flip, which claims that in the first half of 2022 it will grow 30% to more than 400 employees.

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read also: Hit by a storm of layoffs, Fintech startups will still be popular in 2022

In terms of users, Flip said there are more than 10 million users for various types of financial transactions to and from various regions in Indonesia and abroad. It is claimed that the presented solution has helped hundreds of companies of various industrial scales to use disbursement and remittance services, such as employee payroll (payroll), customer reimbursements, up to international transfers.