Flip Raises US$48 Million Series B Funding

Flip, Indonesia’s leading consumer payments platform, announced that the company has secured a Series B funding of USD 48 Million[1] led by Sequoia Capital India, Insight Partners and Insignia Ventures Partners. This investment round on Flip marks the first time investment in Indonesia by Insight Partners, a New York-based global private equity and venture capital firm.

Flip plans to use this funding to accelerate business expansion, strengthen operations in Indonesia, invest in technology to provide a higher quality of service to customers, and develop human resources with a focus on engineering and product teams.

Currently, there are several obstacles faced by bank account owners when transferring money, ranging from the convenience of using the product, admin fees for different bank transfers, transaction flow to the smoothness and speed of the transaction process. There is still room for updating and simplifying various financial transactions. Flip seeks to help individuals and businesses to minimize the complexity of these transactions and make money transfers at low fees.

Flip aims to be the world’s most customer-centric financial technology company and enables users to make fair financial transactions from anywhere to anyone. Some of Flip’s most dominant products include online P2P payments with bank transfers to more than 100 domestic banks, international remittances, top-up e-wallet, and solution products. business.

“We are honored to continue to receive the trust and continuous support of our partners. We are also pleased to welcome a leading global private equity and venture capital firm, Insight Partners, which has proven successful in the global financial technology industry landscape. We believe that this partnership will assist us in pursuing growth and realizing our vision to deliver the fairest financial product in Indonesia,” said Rafi Putra Arriyan, Founder and President Director of Flip. “This new funding is a testament to the commitment and tenacity of our team. This is the resource we need to drive and accelerate our mission to provide innovative solutions that facilitate money movement in Indonesia.”

The Flip has grown significantly amidst the increasing adoption of the technology. Flip serves more than seven million users to process various types of financial transactions to and from various regions in Indonesia as well as for remittances abroad. In addition, Flip provides business solutions for hundreds of companies with various industry scales, including SMEs (Small and Medium Enterprises), through cash disbursement and remittance services such as employee payroll, customer refunds, invoice/supplier payments, and international transfers.

“Interbank transfers are the most dominant payment method in Indonesia’s rapidly growing digital economy. Flip has a large and fast-growing user base with great retention metrics, all leading to the fun and great products Flip makes. Partnering with more than 50 fintech companies and some of the distribution first payment unicorns, Sequoia Capital India believes that Flip is the most attractive consumer fintech company in Indonesia. We are very pleased to lead together for the third consecutive round as a testament to the high confidence in Flip,” said Aakash Kapoor, VP of Sequoia India.

“Flip is disrupting the existing bank transfer market and has established itself as a clear leader in this category with a flagship product that enables seamless movement of payments between bank partners,” said Deven Parekh, Managing Director of Insight Partners. “We look forward to working with Flip as the company continues to improve and expand its products.”

“As the first institutional investor in Flip, we have witnessed tremendous product growth and team performance over the past two years. Today, Flip is a dominant player in its industry with millions of Indonesians who have trusted this platform for their daily financial needs. We look forward to working with Flip to deepen their lead in Indonesia,” said Samir Chaibi, Principal Insignia Ventures Partners.

This new funding follows a Series A Flip in 2020 led by Sequoia Capital India and a seed in 2019 co-led by Sequoia Capital India and Insignia Ventures Partners.

Flip was founded by alumni of the University of Indonesia; Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibn Solikhin who started building a company while studying. The Flip platform is the answer to the problems experienced by Rafi as a student where he had to wait a long time to transfer money and pay admin fees every time he transferred to a different bank.

By continuing the remote working system, Flip has added more than 250 team members to build fair financial services for millions of Indonesians. The company has increased its team by 140% over the last few months.