Startup Fintech Flip Has Launched A Pay-later Service For Consumers, Which Is Expected To Contribute To The Growth Of The Buy Now, Pay Later (BNPL) Industry In Southeast Asia

The technology company specializing in digital financial services, Flip, has officially launched a pay later service known as FlexiCicil for consumers. This service is connected through PT Lentera Inspirasi Pembiayaan, enabling users to access BNPL services on e-commerce platforms. The service is available through the Flip mobile application.

Rafi Putra Arriyan, the founder of Flip Group, stated that FlexiCicil represents the company's commitment to expanding access to flexible financial services. This initiative facilitates transactions for the public in e-commerce, mobile top-ups, and data packages.

"FlexiCicil will continue to evolve to support various types of financial transactions," Rafi mentioned in an official statement on Friday, December 6, 2024. He expressed hope that the company would reach a broader audience, allowing more individuals to experience the benefits of easy, flexible, and fair payment options.

More specifically, the BNPL service FlexiCicil is provided by PT Lentera Inspirasi Pembiayaan, a subsidiary of Flip Group, which operates under the supervision of the Financial Services Authority (OJK). Users can directly access FlexiCicil features and services within the Flip application.

Additionally, users can transact with various e-commerce platform merchants and make payments using the BNPL installment scheme. The service is available without interest and free of administrative fees, or with a 0% installment interest rate during the promotional period, with repayment terms extending up to 12 months.

Founded in 2015 by Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin, Flip has evolved into a comprehensive platform for remittances, financial services (including digital product purchases, electricity payments, digital wallet top-ups, and mobile credits), business-to-business financial services, and BNPL offerings.

In 2022, Flip secured Series B funding from Tencent and several other investors, including Block (Square), Zinal Growth, Gokul Rajaram, Insight Partners, and Michael Vaughan.

Tag: BNPL FlexiCicil Pay Later Startup Fintech Flip