Heaptalk, Jakarta — Entering 2024, the issue of employee termination is still occurring in multiple technology companies. As the latest layoff announcement, Fintech startup PT Fliptech Lentera Inspirasi Pertiwi (Flip) reportedly slash its workforce to retain business sustainability amid this global economy uncertainty.
As the President, Director, and Co-Founder of Flip, Rafi Putra, stated, “Global economic conditions are still uncertain today. This has an impact on almost all business lines, including Flip. To ensure the continuity of Flip’s business, management reluctantly had to carry out an internal reorganization.”
Nevertheless, the fintech company refused to explain the number of employees and departments affected by this layoff decision. Rafi explained that all employees affected by Flip’s steps would be provided equitable compensation that followed applicable labor laws in the country. The laid-off employees can still utilize company facilities, spanning health insurance, office devices, and the company network, to discover new job opportunities.
Performing excellent business growth
Established in 2015, Flip offers several services, such as transfer services between banks, international transfers, e-money top-ups, and digital product purchases. Even though Flip is obliged to make this complicated decision, this fintech has demonstrated multiple business achievements.
According to the internal data, Flip has assisted more than 12 million individual users and companies in Indonesia for approximately seven years since its presence. This fintech platform has also grown with financial services licensed by Bank Indonesia to process various personal (B2C) and business (B2B) financial transaction needs.
In the first half of 2022, Flip claimed that the platform possessed about 10 million individual users. This number of users increased compared to the former of seven million users in the second semester of 2021.
Regarding funding completion, Flip gained fresh capital in the seed round for an undisclosed amount, led by Sequoia Capital India and Insignia Venture Partner. On the other hand, its existing investor Sequoia Capital injected additional funds at US$48 million in the early Series B round as of December 2021.
Following this fund, Flip completed its second Series B round worth US$55 million, led by Tencent. Several investors, including Block Inc., Guillaume Pousaz, Checkout.com’s Founders and CEO through Zinal Growth, Gokul Rajaram, Executive in Doordash and Board Member in CoinBase and Pinterest, and Former Chief Operating Officer (COO) of Venmu, Michael Vaughan. The company claims its latest investment has generated Flip’s total valuation to over US$100 million.
