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 highly competitive market, it has introduced a new creator fund that offers a unique opportunity to help it stand out.
The creator fund quietly rolled out earlier this week and provides up to $100 million worth of equity to participating creators over the next five or so years. Grants range from $6,000 to $100,000, depending on a creator’s level of engagement. Notably, Flip aims to distribute up to $1 million per day for the first 30 days of the program.
The new grant system sets Flip apart from competitors because it offers users equity in the company. Equity funds typically have the potential for substantial long-term returns, so creators who remain with the program could see significant benefits, depending on Flip’s success in the near future. (However, it’s important to note these returns aren’t guaranteed and vary based on market conditions.)
To be eligible, a Flip creator must have over 4,000 followers and at least 10 videos posted in the last 30 days, each garnering around 3,000 views. Flip also accepts creators with at least 20,000 followers on other platforms like Instagram, TikTok, and YouTube. Flip reviews applications and awards grants within 48 to 72 hours, the company notes.
Payments will occur in five years or sooner in the event of a company sale. In either case, payments will be made in cash. Regarding a potential acquisition, however, Flip President Eddie Vivas shared with TechCrunch, “We don’t currently see an acquisition as an interesting outcome for our company. Our goal is to take the company public one day.”
Within 72 hours of launching the program, nearly 10,000 influencers have applied, according to Vivas. He said that approximately 22% of the applications came from large influencers. Users can currently view a live leaderboard of all the grants on the creator fund page. As of this writing, the highest grant awarded is $67,000 to Tyler K (@cheftyler).
As TikTok’s future in the U.S. remains unclear, Flip is likely counting on its new creator fund to incentivize more users to actively participate on the platform.
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. On Monday, Flip made it to the No. 10 spot in the Overall Top Charts in Apple’s U.S. App Store.
Additionally, Flip is currently gaining about 250,000 new users daily, with people spending an average of 35 minutes in the app every day, according to the company.
To maintain traction and stay competitive, Vivas said that Flip plans to introduce additional social features in the coming months. These include polls, group chats, and “elegant ways to repost,” he said.
“We are focused on becoming a more full-featured, dynamic social commerce platform building on the base we have today, which is now clearly working,” Vivas said.
Flip, which launched in 2021, has raised $236 million to date. The company is valued at $1.1 billion.
