Flip Undertakes Layoffs in the Context of Internal Reorganization

Startups fintech specifically for payments, Flip announced that it had laid off some of its employees (layoffs). It was not stated how many employees were affected by the decision.

In an official statement, Flip Co-founder & CEO Rafi Putra Arriyan said that global economic conditions were still uncertain, so the mastermind behind this decision was taken. "In order to ensure the continuity of Flip's business, management is reluctantly carrying out an internal reorganization," he said.

He continued, all affected parties will receive compensation fairly and in accordance with applicable labor laws and regulations in Indonesia. Additionally, a number of benefits will be provided, such as: health insurance, laptops, and utilizing the company network to make it easier to find new work.

Latest company data

Previously in published textDailySocial.id, Flip started with three people since it was first established in 2015. The latest data revealed, the total number of employees reaches 400 people, almost all of whom are local talents. Team engineer and operations occupy the largest position in the company structure.

Flip has two target consumers: individuals and businesses (Flip for Business). Flip for Business is a B2B solution that helps businesses and companies with financial management through Money Transfer and International Transfer services via the platform web dashboard or API integration (Application Programming Interface).

Meanwhile, B2C solutions can be used through the Flip application which consists of overseas money transfer services (Flip Globe), domestic money transfers, top up (top-up) e-money, and digital products (credit, data packages, electricity tokens, electricity bills and water/PDAM bills).

Based on the company's internal data, the total number of individual users reaches 13 million people and more than 1.000 business users. Transactions processed by Flip are claimed to reach billions per month. Flip has connected with more than 100 banks and its international transfers can be connected to more than 50 countries.

These individual users have an age demographic ranging from 25-35 years spread throughout Indonesia. In accordance with economic conditions, this age range is a group that has just started working and has many needs. In this regard, the services they most frequently use are interbank fund transfers and digital products.

Meanwhile, for business users, there are quite a variety of business scales, some at the MSME level to large scale. This is natural, because the need to transfer funds is a need for all businesses. This product for business is in the form of a dashboard with features that are connected to the user's system direct FIRE. Available features are fund transfer (domestic and international) and payment receipt.