Flip raises $55m in new Series B round

Consumer payments platform Flip, based in Jakarta, announced the second closing of its Series B fundraising round, which raised $55 million. Block, Inc. (formerly Square, Inc.) and longtime investor Insight Partners also took part in the round.

Michael Vaughan, the former COO of Venmo, Gokul Rajaram, the executive at Doordash and a board member at CoinBase and Pinterest, and Guillaume Pousaz, the creator and CEO of Checkout.com, also took part.

After obtaining $48 million in the first phase of its Series B in December 2021, this latest fundraising puts Flip’s entire Series B round to over $100 million. According to Flip, the investment will be used to build up its products and technologies, expand its business, and add fresh people for its engineering and product teams.

Flip offers financial solutions such as interbank transfers, international transfers, e-wallet top-ups, digital products, and a “one-stop financial management solution” for businesses. It was founded in 2015 by three former University of Indonesia students, Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin.