- Flip is an Indonesian fintech company leading in the consumer payment platform
- First investment by Insight Partners in Indonesia
The new funding will fuel the company’s business expansion, technology innovation, and team development
Indonesia, 8 December 2021 - Flip, Indonesia’s leading consumer payment platform, announced that it has raised $48 million in a Series B funding round co-led by Sequoia Capital India, Insight Partners, and Insignia Ventures Partners. This investment round in Flip also marks Insight Partners’, a New York-based global private equity and venture capital firm, first investment in Indonesia.
Flip plans to use this round of funding to further accelerate its business expansion, strengthen its operations in Indonesia, invest in technology to provide a higher quality of service, and expand its workforce with a focus on engineering and product teams.
Today, transferring money can be quite tedious for bank account holders - from funds getting stuck while transferring to lengthy clerical processes and poor product experiences with outdated interfaces and complicated flow. Flip aims to change this by helping individuals and businesses to eliminate complexity and execute their money transfers at a low cost.
Flip intends to be the most customer-centric financial technology company in the world and enable users to do fair financial transactions from anywhere to anyone. The company’s most prominent products include online P2P payments with interbank transfers to more than 100 domestic banks, international remittances, e-wallet top-ups, and business solution products.
“We are honored to continuously receive trust and prolonged support from our partners. We are also excited to welcome a leading global venture capital and private equity firm, Insight Partners, which has proven successes in the financial technology landscape globally. We believe this partnership will help us in pursuing growth and realizing our vision to build the fairest financial products,” said Rafi Putra Arriyan, Co-Founder and CEO of Flip. “This new funding is a testament to our team’s commitment and persistence. It gives us the resources we need to fuel and accelerate our mission to build innovative solutions that simplify money movement in Indonesia.”
Flip has grown significantly amidst the increased adoption of technology. The company serves over seven million users for various kinds of financial transactions from and to different regions in Indonesia as well as for overseas money transfers. In addition, its business solutions have hundreds of companies of all sizes, including SMEs (Small and Medium Enterprises) as users of disbursement and remittance services such as employee payroll, customer refunds, invoice/supplier payments, and international transfers
“Interbank transfer is the most dominant payment method in Indonesia’s fast-growing digital economy. Flip has a massive user base and is growing rapidly with outstanding retention metrics, all of which point to the delightful and seamless product that the company has built. Having partnered with over 50 fintech companies and several distribution-first payments unicorns, Sequoia Capital India believes that Flip is the most exciting consumer fintech company in Indonesia. The firm is thrilled to be leading the third consecutive round, testament of its high conviction in the company." Aakash Kapoor, VP, Sequoia India.
“Flip is disrupting the existing interbank transfer market and has established itself as a clear leader in the category, with its superior product that allows for seamless payment movement between bank partners,” said Deven Parekh, Managing Director at Insight Partners “We look forward to working with Flip as they continue to scale and expand its product.”
“As the first institutional investor in Flip, we have witnessed the incredible growth of the product, and the execution of the team over the past two years. Flip is now the dominant player in its space with millions of Indonesians trusting the platform for their day-to-day financial needs. We look forward to working with Flip as they deepen their lead in Indonesia.” said Samir Chaibi, Principal at Insignia Ventures Partners.
The new funding follows Flip’s Series A round in 2020 led by Sequoia Capital India and Seed round in 2019, co-led by Insignia Ventures Partners and Sequoia Capital India.
Flip was founded by University of Indonesia alumni; Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin who started building the company while studying. The platform is an answer to the problem Rafi himself experienced as a college student - having to wait for a long time to transfer funds and pay a transfer fee each time to different banks.
Continuing to work remotely, Flip has added over 250 team members to build fair financial services for millions of Indonesian people. The company has increased its team size by 140% over the past months.
Flip (PT Fliptech Lentera Inspirasi Pertiwi) is an Indonesian technology company that focuses on financial services. Obtaining a license from Bank Indonesia (BI) in 2016, Flip provides financial services, including interbank transfers, overseas transfers, e-wallet top-ups, salary transfers to tens of thousands of employees, and others.
As of October 2021, Flip has more than 7 million users with a rating of 4.7 out of 5, with more than 250,000 reviews on iOS and Android. In addition, hundreds of companies and SMEs (Small and Medium Enterprises) in Indonesia have the Flip B2B solution products.
Flip was founded in 2015 by Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin. Owing to the innovation and persistence of the entire team, Flip has won several awards, including Forbes 30 Under 30 and LinkedIn Top Startup of 2021. Flip is committed to providing fair financial products to everyone, everywhere.
The Flip app can be downloaded via iOS and Android. For further information, please visit flip.id
About Sequoia Capital India
Sequoia helps daring founders build legendary companies, from idea to IPO and beyond. Sequoia India operates in Southeast Asia and India where we actively partner with founders from a wide range of companies, across categories, including BYJUs, Carousell, Druva, Gojek, OYO Rooms, Tokopedia, Truecaller, Zilingo, Zomato and more.
We spur founders to push the boundaries of what’s possible. In partnering with Sequoia, startups benefit from 49 years of tribal knowledge and lessons learned working with companies like Airbnb, Alibaba, Apple, Dropbox, Google, LinkedIn and Stripe early on.
From the beginning, universities, endowments and other non-profits have been the backbone of our investor base, which means founders’ accomplishments make a meaningful difference. For more information on Sequoia’s work in India and SE Asia, visit sequoiacap.com/india
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
About Insignia Ventures Partners
Insignia Ventures Partners is an early-stage technology venture capital firm partnering with unstoppable founders to build great companies in Southeast Asia. Since 2017, we have invested in 70+ emerging technology companies across industries and geographies in the region, including unicorns Carro, Ajaib, GoTo, and Appier, and category leaders including Payfazz, Shipper, tonik, and Flip.
We partner early with founders and support them from seed through growth stage as their companies create meaningful impact for millions of people in Southeast Asia and beyond. With our team of 30+ investment and operating professionals who bring together decades of experience and proprietary networks, we equip our founders with the tools they need for growth.
Learn more on our website and Insignia Business Review. Follow us on LinkedIn, Instagram, and Twitter.
Media Contact Reza Marta Fawzy Public Relations Email: [email protected] No. HP: +6285974323916