Flip is a social commerce app that lets shoppers become creators. They can share honest reviews and earn cash based on engagement on the platform. As Flip competes with TikTok Shop and other platforms in a competitive market, we have introduced a new Creator Fund that provides a unique opportunity to help Flip stand out.
The Creator Fund was quietly rolled out earlier this week and will offer participating creators up to $100 million worth of equity over the next five years or so. Grants range from $6,000 to $100,000 depending on the creator’s level of involvement. Specifically, Flip aims to distribute up to $1 million per day for the first 30 days of the program.
The new system sets Flip apart from its competitors as it provides users with equity value that can yield significant long-term returns. Depending on Flip’s success in the near future, creators who stay with the program could benefit greatly. (However, it is important to note that these returns are not guaranteed and are subject to market conditions.)
Image credit: Flip
To qualify, Flip creators must have more than 4,000 followers, at least 10 videos posted in the past 30 days, and each video must have approximately 3,000 views. Flip also accepts creators with at least 20,000 followers on other platforms such as Instagram, TikTok, and YouTube. Flip will review applications and award grants within 48 to 72 hours, the company said.
In the case of a sale of the company, payment will be made within five years. In either case, payment will be made in cash. However, regarding a potential acquisition, Flip president Eddie Vivas told TechCrunch, “We don’t see an acquisition as an interesting outcome for our company at this point. Our goal is to take the company public at some point.”
According to Vivas, nearly 10,000 influencers applied within 72 hours of the program’s launch. He said about 22% of applications come from major influencers. Users can now view a live leaderboard of all grants on the Creator Funds page. As of this writing, the largest grant awarded is $67,000 awarded to Tyler K (@cheftyler).
With TikTok’s future in the U.S. still uncertain, Flip will likely be counting on a new Creator Fund to encourage more users to become active on the platform.
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Image credit: Flip (screenshot)
Amid the current TikTok drama, Flip has seen significant growth, garnering 580,000 new downloads in January alone, according to estimates from app store intelligence provider Appfigures. According to Appfigures, a total of 7.8 million apps have been downloaded worldwide across the App Store and Google Play Store.
Additionally, the company says Flip currently gains approximately 250,000 new users each day, with users spending an average of 35 minutes on the app each day.
On Monday, Flip ranked No. 10 on Apple’s U.S. App Store overall top chart.
To maintain traction and stay competitive, Vivas said Flip plans to introduce additional social features in the coming months. These include surveys, group chats and “elegant ways to repost,” he said.
“We are focused on building a more full-featured, dynamic social commerce platform based on the foundation we have today, and it is clearly working right now,” Vivas said.
Founded in 2021, Flip has raised $236 million to date. The company is valued at $1.1 billion.
