Indonesian fintech startup Flip raises US$48m in Series B round

CONSUMER payment platform Flip, an Indonesian fintech startup, has raised US$48 million in a Series B round co-led by Sequoia Capital India, Insight Partners, and Insignia Ventures Partners.

The round also marks the first investment in Indonesia by Insight Partners, a New York-based global private equity and venture capital firm.

In a press statement on Wednesday (Dec 8), Flip said it plans to use the funds to further accelerate its business expansion, strengthen its operations in Indonesia, invest in technology to provide a higher quality of service, and expand its workforce with a focus on engineering and product teams.

It hopes to help individuals and businesses eliminate complexity and execute their money transfers at a low cost, it added.

"Flip intends to be the most customer-centric financial technology company in the world and enable users to do fair financial transactions from anywhere to anyone," noted the startup.

The startup's most prominent products include online peer-to-peer payments with interbank transfers to more than 100 domestic banks, international remittances, e-wallet top-ups, and business solution products.

Flip serves over 7 million users in various kinds of financial transactions to and from different regions in Indonesia, as well as overseas money transfers.

Its business solutions are used by hundreds of companies of all sizes. These include small and medium-sized enterprises who are users of disbursement and remittance services such as employee payroll, customer refunds, invoice and supplier payments, as well as international transfers.

Rafi Putra Arriyan, co-founder and chief executive of Flip, said the latest funding round is testament to Flip's commitment and persistence. "It gives us the resources we need to fuel and accelerate our mission to build innovative solutions that simplify money movement in Indonesia."

The new funding follows Flip's Series A round in 2020 led by Sequoia Capital India, and the seed round in 2019 co-led by Insignia Ventures Partners and Sequoia Capital India.

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