The latest funding, which follows its first Series B raise of USD 48 million in December 2021, brings Flip’s total raised to USD 120 million since its inception in 2019. The company did not disclose its valuation.
Flip has facilitated people in Indonesia to access financial transactions, including online interbank transfers, to more than 100 domestic banks, e-wallet top-ups, and international remittances, enabling users to send money from Indonesia to more than 45 countries and enterprise payment transfer products. Companies use Flip’s disbursement and remittance services for employee payroll, customer refunds, invoice/supplier payments, and international transfers.
Flip plans to use the capital to ramp up its workforce with a focus on engineering and product teams. The startup also will invest in new products and technology development to provide a higher quality of service and fuel its business expansion.
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