Indonesian FinTech Startup Flip Raises $48M to Accelerate Expansion

FinTech payments startup Flip raised $48 million in a Series B funding round co-led by Sequoia Capital India, Insight Partners, and Insignia Ventures Partners, according to a press release on Wednesday (Dec. 8).

The fresh infusion of capital will be used to hasten the company’s growth, reinforce its operations in Indonesia, foster new technology, and broaden its engineering and product teams. This latest investment brings the company’s total funds raised to $65 million.

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Rafi Putra Arriyan, founder and president director of Flip, said the company is buoyed by its partners’ “continuous support” and the confidence by new investor Insight Partners. Flip is Insight Partner’s first investment in Indonesia.

“We believe that this partnership will assist us in pursuing growth and realizing our vision to deliver the fairest financial product in Indonesia,” Arriyan said. “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 of providing innovative solutions that make money movement easier in Indonesia.”

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Co-founded by Arriyan, Luqman Sungkar and Ginanjar Ibnu Solikhin in 2015 while studying at the University of Indonesia, the trio developed the Flip platform to solve the problem of slow money transfers and fees paid each time to different banks.

Transferring money in the country can be a tiresome ordeal, with outdated interfaces and thorny flow, as well as money getting held up in the transfer process. Flip is striving to change that by removing complications and completing transfers at a reduced cost.

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“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.