Indonesian Fintech Flip Raises $55 Million; Visa Launches Crypto-Again Playing cards in LATAM

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Courtesy of Tencent, Block (previously often known as Sq.), and current investor Perception Companions, Indonesian client funds platform Flip has secured a $55 million addition to its Collection B spherical. Additionally concerned within the funding have been a handful of particular person buyers together with Checkout.com CEO Guillaume Pousaz, DoorDash government 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 thousands and 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 financial 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 thousands and thousands of Indonesians, each people and companies, execute numerous cash transactions at a low value by 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 put money into new merchandise and expertise improvement to each improve high quality of service and energy additional growth.

Crypto could also be a preventing phrase in El Salvador lately, which has hitched its financial system to the destiny of digital belongings like nowhere else. However the transfer to convey cryptocurrency-based options to Latin America continues to be going sturdy. Visa introduced late this week that it’s launching the primary crypto playing cards in Latin America – concentrating 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 numerous fintech corporations within the area to difficulty playing cards that may allow customers to obtain cashback in Bitcoin after they make funds. In Argentina, Visa’s companions embrace cryptocurrency alternate Lemon Money, which can 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 instances,” Visa SVP of Merchandise and Innovation for Latin America and the Caribbean Romina Seltzer stated. “We are going to proceed to construct on our sturdy technique to construct the way forward for crypto and funds for our clients, shoppers, companions, and customers.”

Right here is our take a look at fintech innovation all over the world.