By Zoran Temelkov July, 2022
The Indonesian consumer fintech platform Flip has successfully completed a Series B extension round, raising an additional $55 million. The total funding secured through Series B round amounts to more than $100 million.
The round was led by Tencent, a Chinese tech company, together with Block and the Jack Dorsey digital payments company (previously Square).
The company states that the additional funds will be directed toward team development, product and technology innovations, and expansion of its operations.
The series B funding round was initiated in December when Flip raised $48 million with its Series B funding round, which was co-led by Insight Partners, Sequoia Capital India, and Insignia Ventures Partners.
The company was founded in 2015 as a potential solution to a problem faced by its founders in the process of transferring money between multiple banks and accounts. Consequently, the fintech platform provides peer-to-peer digital payment solutions.
After the latest Series B extension round, the company has successfully raised a total of $120 million. The Series A funding round was held in 2020 and led by Sequoia Capital India. The seed round financing was in 2019 and sponsored by Insignia Ventures Partners and Sequoia Capital India.