Courtesy of Tencent, Block (previously often called Sq.), and present investor Perception Companions, Indonesian client funds platform Flip has secured a $55 million addition to its Collection B spherical. Additionally concerned within the funding had been a handful of particular person traders together with Checkout.com CEO Guillaume Pousaz, DoorDash govt Gokul Rajaram, and former Venmo COO Michael Vaughan.
No up to date valuation info was included within the funding announcement. The corporate has raised a complete of $120 million since inception three years in the past. Flip raised $48 million in Collection B funding in December 2021.
Flip permits hundreds of thousands of Indonesians to entry P2P funds with interbank transfers to greater than 100 Indonesian banks. The corporate additionally gives worldwide remittances, e-wallet top-ups, and enterprise options for worker payroll, buyer refunds, bill and provider funds, in addition to worldwide transfers. Greater than $12 billion in transactions a yr are processed on Flip’s platform.
“The expansion alternative of the Indonesian digital economic system is huge with its huge inhabitants and favorable demographics, Flip co-founder and CEO Rafi Putra Arriyan stated. “We’re laser-focused on serving to hundreds of thousands of Indonesians, each people and companies, execute varied cash transactions at a low price by means of our platform.”
Flip plans to make use of the brand new capital to extend headcount, particularly with regard to engineering and product improvement. The corporate additionally will spend money on new merchandise and expertise improvement to each improve high quality of service and energy additional growth.
Crypto could also be a combating phrase in El Salvador as of late, which has hitched its economic system to the destiny of digital property like nowhere else. However the transfer to carry cryptocurrency-based options to Latin America remains to be going robust. Visa introduced late this week that it’s launching the primary crypto playing cards in Latin America – focusing on Brazil and Argentina for the debut of its new merchandise.
As reported in Crypto Information and different media retailers that picked up the story from Expansión, Visa has partnered with quite a lot of fintech firms within the area to situation playing cards that may allow customers to obtain cashback in Bitcoin once they make funds. In Argentina, Visa’s companions embrace cryptocurrency alternate Lemon Money, which is able to provide 2% Bitcoin cashback Visa playing cards. Visa additionally has teamed up with Argentinian cryptocurrency buying and selling platform Satoshi Tango and Crypto.com. In Brazil, Visa is working with Alterbank and Zro Financial institution.
“The cryptocurrency ecosystem continues to realize momentum within the area with elevated funding, extra client adoption, and extra crypto-enabled use circumstances,” Visa SVP of Merchandise and Innovation for Latin America and the Caribbean Romina Seltzer stated. “We’ll proceed to construct on our robust technique to construct the way forward for crypto and funds for our clients, purchasers, companions, and customers.”
Right here is our have a look at fintech innovation world wide.
Sub-Saharan Africa
Central and Japanese Europe
Center East and Northern Africa
Central and Southern Asia
Latin America and the Caribbean
Asia-Pacific
Photograph by Artem Beliaikin
