Indonesian fintech firm Flip has closed a $55m Series B extension round led by Chinese multinational technology and entertainment conglomerate Tencent.

The round also saw the participation of existing backer Insight Partners and several other investors including founder and CEO Guillaume Pousaz through Zinal Growth; Venmo’s former COO Michael Vaughan among others.

The latest fundraising follows the closure of Flip’s first Series B round in December 2021. Overall, the company has secured more than $100m in the funding round.

Flip will use the proceeds to strengthen its workforce, particularly engineering and product teams.

Additionally, the company will invest a portion of the amount in new product and technology development, and business expansion.

Flip COO Gita Prihanto said: “We are humbled to receive trust and continuous support from our investors. We are also thrilled to welcome Tencent and Block, who share the same purpose of making fintech accessible to everyone in Indonesia.

“The knowledge and expertise from our strong partners, both renowned global firms and angel investors, will help us to grow our business amid the challenging times facing today’s global market and tech landscape.”

As a consumer payments platform, Flip enables individuals and businesses to conduct low-cost financial transactions. It secured a licence from Bank Indonesia (BI) in 2016.

The company’s services include online P2P payments, interbank transfers, international remittances, e-wallet top-ups, and business solution products.

Flip co-founder and CEO Rafi Putra Arriyan said: “The growth opportunity of the Indonesian digital economy is vast with its massive population and favourable demographics.

“We are laser-focused on helping millions of Indonesians, both individuals and businesses, execute various money transactions at a low cost through our platform. We believe in the vast potential of P2P (peer-to-peer) payment because it is customary in Indonesia to send money via transfer for both personal, family, or household purposes.”