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Tencent and Block invest in Indonesia's Flip

Tencent and Block invest in Indonesia's Flip

Indonesian payments platform Flip has raised $55 million in a Series B extension round led by Tencent, with participation from Block.

The extension - joined by angels including Checkout.com founder Guillaume Pousaz and former Venmo COO Michael Vaughan - brings Flip's total Series B to more than $100 million.

Founded by three University of Indonesia alumni while still studying, Flip offers P2P payments with interbank transfers to more than 100 domestic banks, international remittances, e-wallet top-ups, and business solution products.

The firm will use the new capital to ramp up its 400-strong workforce with a focus on engineering and product teams, invest in new product and technology development, and accelerate its business expansion.

Rafi Putra Arriyan, CEO, Flip, says: "We are laser-focused on helping millions of Indonesians, both individuals and businesses, execute various money transactions at a low cost through our platform."

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