Indonesia-based shopper funds platform Flip at this time introduced a US$48 million Sequence B funding spherical co-led by Sequoia Capital India, Perception Companions, and Insignia Ventures Companions.
This funding into the startup additionally marks New York-based Perception Companions’ debut funding in Indonesia.
In a press assertion, Flip plans to make use of this funding to additional speed up its enterprise enlargement, strengthen its operations in Indonesia, put money into know-how to supply a better high quality of service, and develop its workforce with a give attention to engineering and product groups.
“We’re honored to repeatedly obtain belief and extended assist from our companions. We’re additionally excited to welcome a number one world enterprise capital and personal fairness agency, Perception Companions, which has confirmed successes within the monetary know-how panorama globally. We imagine this partnership will assist us in pursuing development and realising our imaginative and prescient to construct the fairest monetary merchandise,” stated Rafi Putra Arriyan, Co-Founder and CEO of Flip.
“This new funding is a testomony to our crew’s dedication and persistence. It provides us the sources we have to gasoline and speed up our mission to construct modern options that simplify cash motion in Indonesia.”
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The funding adopted its Sequence A funding spherical in 2020 led by Sequoia Capital India and seed spherical in 2019, co-led by Insignia Ventures Companions and Sequoia Capital India.
Flip was based by College of Indonesia alumni Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin who began the corporate whereas finding out. The platform is supposed to be a solution to the issue the CEO himself skilled as a university scholar, having to attend for a very long time to switch funds and pay a switch charge every time to totally different banks.
Flip has grown its crew to over 250 crew members.
The corporate’s merchandise embody on-line P2P funds with interbank transfers to greater than 100 home banks, worldwide remittances, e-wallet top-ups, and enterprise answer merchandise.
It serves over seven million customers for numerous sorts of economic transactions from and to totally different areas in Indonesia in addition to for abroad cash transfers.
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Picture Credit score: Flip
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