Left to right: Rafi Putra Arriyan (Co-Founder & CEO Flip), Luqman Sungkar (Co-Founder & CTO Flip), Ginanjar Ibnu Solikhin (Co-Founder Flip), and Gita Prihanto (Chief Operating Officer Flip).
Indonesia-based consumer payments platform Flip today announced a US$48 million Series B funding round co-led by Sequoia Capital India, Insight Partners, and Insignia Ventures Partners.
This investment into the startup also marks New York-based Insight Partners’ debut investment in Indonesia.
In a press statement, Flip plans to use this funding 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.
“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.”
Also Read: Jeff Bezos-backed Indonesian startup Ula rakes in US$23.1M from Tiger Global, Flipkart co-founder
The funding followed its Series A funding round in 2020 led by Sequoia Capital India and seed round in 2019, co-led by Insignia Ventures Partners and Sequoia Capital India.
Flip was founded by University of Indonesia alumni Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin who started the company while studying. The platform is meant to be an answer to the problem the CEO himself experienced as a college student, having to wait for a long time to transfer funds and pay a transfer fee each time to different banks.
Flip has grown its team to over 250 team members.
The company’s products include online P2P payments with interbank transfers to more than 100 domestic banks, international remittances, e-wallet top-ups, and business solution products.
It serves over seven million users for various kinds of financial transactions from and to different regions in Indonesia as well as for overseas money transfers.
—
Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.
Image Credit: Flip
The post Flip raises US$48M in Series B co-led by Sequoia Capital India, Insight Partners, Insignia Ventures Partners appeared first on e27.