Indonesian fintech Flip plots expansion following $48m Series B
Indonesian fintech Flip has raised $48 million in a Series B funding round.
Flip claims more than 7 million users in Indonesia
The round was co-led by Sequoia Capital India, Insight Partners and Insignia Ventures Partners. It marks the first time New York-based Insight has invested in Indonesia.
The cash will go towards strengthening Flip’s Indonesian operations, investing in technology and expanding its workforce, with a particular focus on its engineering and product development teams.
Flip has already added more than 250 employees since the beginning of the year, an increase of 140%.
The start-up says its mission is to minimise the complexity of transactions for individuals and businesses and provide money transfers with lower fees.
Flip president and founder Rafi Putra Arriyan says the funding is “the resource we need to drive and accelerate our mission of providing innovative solutions that make money movement easier in Indonesia”.
Flip claims more than 7 million users and processes various types of financial transactions including online P2P payments, bank transfers to more than 100 domestic banks, overseas remittances and digital wallet top-ups.
The new funding follows a $17 million Series A round and takes the firm’s total raised to date to $65 million.
