Flip, an Indonesian fintech company, has raised $55 million in a Series B round led by Tencent, with Block (formerly Square) and existing investor Insight Partners joining in.
The deal brought the round’s total funding to more than $100 million after the company received $48 million in the first close late last year.
Flip was founded in 2015 by Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin. It offers a variety of financial services, including peer-to-peer interbank transfers, international transfers, e-wallet top-ups, and commercial payment solutions.
The company said in a statement that its user’s number is in the tens of millions and hundreds of businesses. It has raised its staff headcount by 30% to 400 workers in the first half of this year.
Flip intends to use the new funds to expand the company, develop new products, and hire new employees.
