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Tencent-led funding for Flip ups Series B round to $100 million
Indonesian payments platform Flip has secured additional investment to increase its Series B funding to more than $100 million.
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The Flip app for interbank money transfers and other transactions runs on smartphones powered by Apple's iOS and Google's Android. (PT Fliptech Lentera Inspirasi Pertiwi/-)
Indonesian payment platform Flip has secured additional investment to increase its Series B funding to more than US$100 million.
The funding was led by Tencent, which had not been part of the first Series B funding. The Chinese tech and entertainment conglomerate has been increasing investment outside of China in recent years amid tighter regulations imposed on tech firms by Beijing.
Tencent was joined by San-Francisco-based financial services company Block and existing investor Insight Partners, the start-up announced on Tuesday.
This new funding brings Flip’s total Series B to more than $100 million and follows on the heels of Flip’s first Series B round in December 2021, which was co-led by Sequoia Capital India, Insight Partners and Insignia Ventures Partners and yielded $48 million.
Read also: Local fintech Flip raises $48m in foreign VC-led funding round
PT Fliptech Lentera Inspirasi Pertiwi, the company behind Flip, stated in a press release that it would use the capital to ramp up its workforce “with a focus on engineering and product teams, invest in new product and technology development to provide a higher quality of service, and further accelerate its business expansion.”
“A number of eminently experienced operators participated meaningfully in this extension round, including Guillaume Pousaz, founder and CEO of Checkout.com, through Zinal Growth; Gokul Rajaram, executive at Doordash and board member at CoinBase and Pinterest; and Michael Vaughan, former chief operating officer (COO) of Venmo,” the company added.
