Samreen Ahmad · · 1 min readSequoia co-leads $48m round of Indonesian fintech startup
Flip, an Indonesia-based fintech platform, has raised US$48 million in a series B funding round co-led by Sequoia Capital India, Insight Partners, and Insignia Ventures Partners.
Team Flip / Photo credit: Flip
Flip offers financial services, including interbank transfers, overseas transfers, e-wallet top-ups, and salary transfers to tens of thousands of employees who work in small and medium-sized businesses (SMBs). It currently serves more than 7 million registered users.
The startup’s latest round also marks Insight Partners’ first investment in Indonesia.
Flip plans to use the fresh funding to further accelerate its business expansion, strengthen its operations in the archipelago, invest in tech for a higher quality of service, and expand its workforce, especially its engineering and product teams. It has more than 100 domestic banks in its network.
Flip was co-founded by Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin in 2015.
See also: Indonesian fintech startup banks funding from Insignia Ventures Partners
“We believe this partnership will help us in pursuing growth and realizing our vision to build the fairest financial products,” said Arriyan, Flip’s co-founder and CEO.
Editing by Collin Furtado and Arpit Nayak
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