Indonesian payments platform Flip has raised $55 million in a Series B extension round led by Tencent, with participation from Block.
The extension - joined by angels including Checkout.com founder Guillaume Pousaz and former Venmo COO Michael Vaughan - brings Flip's total Series B to more than $100 million.
Founded by three University of Indonesia alumni while still studying, Flip offers P2P payments with interbank transfers to more than 100 domestic banks, international remittances, e-wallet top-ups, and business solution products.
The firm will use the new capital to ramp up its 400-strong workforce with a focus on engineering and product teams, invest in new product and technology development, and accelerate its business expansion.
Rafi Putra Arriyan, CEO, Flip, says: "We are laser-focused on helping millions of Indonesians, both individuals and businesses, execute various money transactions at a low cost through our platform."