Samsung will introduce a cheaper Galaxy Z Flip7 this year, tentatively dubbed the Galaxy Z Flip FE. Today, Samsung has confirmed the existence of this long-rumored device.

Samsung servers that handle over-the-air updates have been found to have software built for a device with the model number SM-F761. We do not have an official announcement, and there is currently no Samsung device with that model number on the market. It is also important to note that the letter “F” indicates that it is foldable, and the number “7” indicates that it belongs to the Flip series.

SM-F741 is the Flip6, and SM-F731 is the Flip5, so you’d expect the Flip7 to be SM-F751. The SM-F761 is, therefore, even more intriguing. It could also be the Flip8, but Samsung wouldn’t already be developing software for next year’s model. Therefore, the SM-F761 must be the Flip FE.

The Flip6 was previously rumoured to have the same screen, Exynos 2400e SoC (whereas the Flip7 should have the Exynos 2500), 12GB of RAM, and 256GB of storage. The Flip FE might launch around the same time as the Flip7 and Fold7.