- Companies
- Flip
Flip Funding, Investors & Competitors
Flip has raised $120M across 3 funding rounds, most recently a $55M Series B in June 2022.
About Flip
Flip is an Indonesian fintech platform enabling fee-free peer-to-peer money transfers via bank accounts and e-wallets. Headquartered in Depok, Jawa Barat, the company processes millions of transactions monthly for users across Indonesia. Founded in 2015 by Rafi Putra Arriyan, Ginanjar Ibnu Solikhin, and Luqman Sungkar, Flip supports transfers to over 100 banks and digital wallets including OVO, DANA, and ShopeePay. It emphasizes security with two-factor authentication and real-time notifications. Flip serves retail users and small businesses, holding a license from Bank Indonesia as a payment service provider.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Flip Funding History
Flip has raised a total of $120M across 3 funding rounds.
Flip's first fundraising round was a $17M Series A in January 2018. The most recent completed round was a $55M Series B in June 2022.
Flip funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2022 | Series B | Tencent (lead); Gokul Rajaram; Guillaume Pousaz; Insight Partners; Block; Michael Vaughan | $55M | Flip is an Indonesia-based consumer payments platform enabling low-cost financial transactions including peer-to-peer payments with interbank transfers to over 100 domestic banks, international remittances to more than 45 countries, e-wallet top-ups, and business solutions like disbursements for payroll, refunds, and supplier payments. On June 14, 2022, Flip announced a $55 million Series B extension led by Tencent, with participation from Block (formerly Square), existing investor Insight Partners, and individuals including Guillaume Pousaz of Checkout.com via Zinal Growth, Gokul Rajaram of DoorDash/Coinbase/Pinterest, and former Venmo COO Michael Vaughan. This brought the total Series B to over $100 million, following an initial $48 million close in December 2021 co-led by Sequoia Capital India, Insight Partners, and Insignia Ventures Partners, with cumulative funding reaching $120 million since 2019. Flip had served over 10 million users by May 2022, up from 7 million in December 2021, and processed more than $12 billion in transactions annually as of June 2022. The company grew its team by 30% to over 400 employees from 300 in December 2021. Proceeds from the extension were allocated to expand engineering and product teams, develop new products and technologies for improved service quality, and accelerate business expansion. Flip positions itself similarly to Wise.com, which operates in Indonesia via PT Wise Payments Indonesia, targeting accessible financial services in a market with hundreds of companies using its enterprise disbursement and remittance products. The round reflects Tencent's increasing investments outside China amid domestic regulatory pressures, alongside other global fintech backers. |
| Dec 2021 | Series B | Insight Partners (lead); Insignia Ventures Partners (lead); Peak XV Partners (lead) | $48M | Flip is Indonesia's leading consumer payments platform, enabling fair financial transactions including P2P payments to over 100 domestic banks, international remittances, e-wallet top-ups, and business solutions like payroll and supplier payments. Founded by University of Indonesia alumni Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibn Solikhin, it holds a license from Bank Indonesia since 2016 and serves over seven million users processing transactions domestically and abroad, plus hundreds of SME and enterprise clients. In December 2021, Flip raised $48 million in a Series B funding round co-led by Sequoia Capital India (now Peak XV Partners), Insight Partners (its first Indonesia investment), and Insignia Ventures Partners, bringing total funding to $65 million following a 2020 Series A and 2019 seed both involving Sequoia and Insignia. The capital aims to accelerate business expansion, strengthen Indonesia operations, advance technology, and grow engineering and product teams. Flip has shown significant growth amid rising tech adoption in Indonesia, positioning as a leader in interbank transfers with seamless payments. The company cited Bank Indonesia data showing Indonesia's annual money transfer volume exceeding $2.2 trillion in 2020. Investors praised its superior product, execution, and dominance, with millions of daily users trusting it for financial needs. |
| Jan 2018 | Series A | - | $17M | Flip (a voice AI customer service platform founded in 2017–2018 in New York) raised early-stage funding in 2016–2018, including a Seed round in June 2018 ($2.2M) and a Venture round in July 2018 ($3.9M). |
Who has invested in Flip?
8 investors have backed Flip across its funding rounds, including Insight Partners, Peak XV Partners, Tencent, Gokul Rajaram, Insignia Ventures Partners and Block.
Lead investors include Tencent, Insight Partners, Insignia Ventures Partners and Peak XV Partners.
Flip Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Dec 2021 | ||
| 1 | Participant | Jun 2022 | ||
| 1 | Lead | Jun 2022 | ||
| 1 | Participant | Jun 2022 | ||
| 1 | Lead | Dec 2021 | ||
| 1 | Participant | Jun 2022 | ||
This data is available for Pro users. Sign up to see all 8 Flip investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialFlip Competitors
Flip competitors include listed companies like PagSeguro, Euronet Worldwide and Payoneer, and private ones like Zepz, Fintiv and Naver Financial Corp..
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $338M | - | $5B | 14.8x | ||
| Publicly listed | $4B | $1.7B | $2.6B | 2.6x | ||
| Publicly listed | $4.2B | $648M | $2.5B | 0.7x | ||
| Publicly listed | $821M | ($43M) | $2.4B | 2.0x | ||
| Private | - | - | $2.4B | - | ||
| Private | - | - | $2.3B | - |
Flip Public Comps
Flip is still privately-owned, but its public comps include Block, PayPal, Adyen, Global Payments, Kaspi.kz, PayPay, Paytm, Wise, Edenred and Nexi.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $24B | $2.2B | 1.7x | 1.6x | 18.6x | 9.4x | |||
| $33B | $7.2B | 1.4x | 1.4x | 6.6x | 6.9x | |||
| $3B | $1.4B | 6.5x | 6.3x | 13.7x | 11.9x | |||
| $7.7B | $3.2B | 5.4x | 3.6x | 13.1x | 7.8x | |||
| $9B | $3.2B | 2.0x | 2.0x | 5.9x | 5.3x | |||
| $2.4B | $746M | 5.1x | 4.4x | 16.3x | 14.6x | |||
| $854M | $41M | 13.8x | 11.8x | 288.1x | 119.6x | |||
| $2.7B | $631M | 4.3x | 4.2x | 18.3x | 16.7x | |||
This data is available for Pro users. Sign up to see all Flip competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Flip
| When was Flip founded? | Flip was founded in 2019. |
| Where is Flip headquartered? | Flip is headquartered in Jakarta, Indonesia. |
| Is Flip publicly listed? | No, Flip is a private, VC-backed company. |
| How much funding has Flip raised? | Flip has raised $120M across 3 funding rounds. |
| What was Flip's last funding round? | Flip's last funding round was a $55M Series B in June 2022, led by Tencent. |
| Who are Flip's investors? | Flip's investors include Insight Partners, Gokul Rajaram, Tencent, Guillaume Pousaz, Insignia Ventures Partners, Block, Peak XV Partners and Michael Vaughan. |
| Which companies are comparable to Flip? | Companies comparable to Flip include Zepz, PagSeguro, Euronet Worldwide, Payoneer, Fintiv and Naver Financial Corp.. |
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