Flip, Indonesia’s leading consumer payment platform, announced that it has raised $48 million in a Series B funding round co-led by Sequoia Capital India, Insight Partners, and Insignia Ventures Partners.
This investment round in Flip also marks Insight Partners’, a New York-based global private equity and venture capital firm, first investment in Indonesia.
Flip plans to use this round of 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.
Today, transferring money can be quite tedious for bank account holders - from funds getting stuck while transferring to lengthy clerical processes and poor product experiences with outdated interfaces and complicated flow. Flip aims to change this by helping individuals and businesses to eliminate complexity and execute their money transfers at a low cost.
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. The company’s most prominent products include online P2P payments with interbank transfers to more than 100 domestic banks, international remittances, e-wallet top-ups, and business solution products.
“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 realizing 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.”
Flip has grown significantly amidst the increased adoption of technology. The company 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. In addition, its business solutions have hundreds of companies of all sizes, including SMEs (Small and Medium Enterprises) as users of disbursement and remittance services such as employee payroll, customer refunds, invoice/supplier payments, and international transfers
“Interbank transfer is the most dominant payment method in Indonesia’s fast-growing digital economy. Flip has a massive user base and is growing rapidly with outstanding retention metrics, all of which point to the delightful and seamless product that the company has built. 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. The firm is thrilled to be leading the third consecutive round, testament of its high conviction in the company.” Aakash Kapoor, VP, Sequoia India.
“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,” said Deven Parekh, Managing Director at Insight Partners “We look forward to working with Flip as they continue to scale and expand its product.”
“As the first institutional investor in Flip, we have witnessed the incredible growth of the product, and the execution of the team over the past two years. Flip is now the dominant player in its space with millions of Indonesians trusting the platform for their day-to-day financial needs. We look forward to working with Flip as they deepen their lead in Indonesia.” said Samir Chaibi, Principal at Insignia Ventures Partners.
The new funding follows Flip’s Series A 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 building the company while studying. The platform is an answer to the problem Rafi 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.
Continuing to work remotely, Flip has added over 250 team members to build fair financial services for millions of Indonesian people. The company has increased its team size by 140% over the past months.