Flip raised Sequoia Capital India, Insight Partners & Insignia Ventures Partners co-led US $48 M in Series B
Sequoia Capital India, Insight Partners, and Insignia Ventures Partners led a US $48 million Series B fundraising round for Indonesia-based consumer payments platform Flip today.
Insight Partners, located in New York, is making its first investment in Indonesia with its investment in the business.
Flip wants to utilise the funds to accelerate its business development, enhance its operations in Indonesia, invest in technology to improve service quality and increase its employees, with an emphasis on engineering and product teams, according to a news release.
“We are honored to continuously receive trust and prolonged support from our partners. We are also excited to welcome a leading global venture capital and private equity firm, Insight Partners, which has proven successes in the financial technology landscape globally. We believe this partnership will help us in pursuing growth and realising our vision to build the fairest financial products,” said Rafi Putra Arriyan, Co-Founder and CEO of Flip.
“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.”
The financing comes after a Series A round led by Sequoia Capital India in 2020 and a seed round sponsored by Insignia Ventures Partners and Sequoia Capital India in 2019.
Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin, all University of Indonesia graduates, launched Flip while still in school. The platform is intended to address an issue that the CEO had as a college student: needing to wait a long time to move funds and pay a transfer charge to multiple banks each time.
Flip has expanded to a workforce of approximately 250 people.
Online P2P payments with interbank transfers to over 100 local banks, foreign remittances, e-wallet top-ups, and business solution packages are among the company’s offerings.
It has nearly seven million members who utilise it for a variety of financial activities in and out of Indonesia, as well as international money transfers.
