Flip Secures US$48M in Series B Funding

TheIndonesia.id - One of Indonesia’s leading digital money transfer platforms, Flip, has received US$48 million in a Series B funding, co-led by Sequoia Capital India, Insight Partners, and Insignia Ventures Partners.

For the New York-based private equity firm Insight Partners, this funding is momentous as it’s the firm’s first investment in Indonesia.

Speaking of the funding, Flip’s CEO and co-founder Rafi Putra Arriyan said the funding will help the company’s vision to further simplify financial transaction in Indonesia.

“We believe this partnership will help us in pursuing growth and realizing our vision to build the fairest financial products. This new funding is a testament to our team’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,” Arriyan said in a statement on Wednesday, December 8.

Flip aimed to use the new finding for business expansion, operations improvement, and investment in technology to offer better service quality and experience to its users. It also planned to further expand its workforce with focus on engineering and product development.

In the rapid technological development in Indonesia, Flip has enjoyed a significant growth and is currently serving more than seven million users. Its service includes online P2P payments with interbank transfers to more than 100 domestic banks, international remittances, e-wallet top-ups, and business solution products.

It doesn’t only serve individual customers but also companies, including small and medium enterprises (SMEs). Among some of the services available for company users are employee payroll, customer refunds, invoice/supplier payments, and international transfers.

With the innovations and impacts created by Flip, investors said they believed in the platform’s potential to grow even bigger in the future.

“Having partnered with over 50 fintech companies and several distribution-first payments unicorns, Sequoia Capital India believes that Flip is the most exciting consumer fintech company in Indonesia,” Sequoia India’s VP Aakash Kapoor commented.

“Flip is disrupting the existing interbank transfer market and has established itself as a clear leader in the category, with its superior product that allows for seamless payment movement between bank partners,” managing director at Insight Partners Deven Parekh added.

This round of funding follows Flip’s Series A funding in 2020 which was led by Sequoia Capital India and its Seed round funding in 2019, co-led by Insignia Ventures Partners and Sequoia Capital India.