Indonesian fintech, Flip bags $48M Series B, co-led by Sequoia India

2 min readDec 11, 2021



Sequoia’s got a favorite. Meet Flip, the Indonesian fintech that just raised a $48M Series B, co-led by Sequoia Capital India, Insight Partners and Insignia Ventures Partners.

⏪ Started from the bottom

Founded in 2015, Flip was started by university students frustrated by slow bank transfers and the tons of fees paid each time. (All the lost $$$!)

  • Often, your cash gets stuck, and it’s just a pain to do since interfaces are outdated and complicated.

Lucky strike. Turns out, it was a key problem to solve. Interbank transfer is the top payment method in Indonesia’s digital economy.

  • Flip makes transfers low-cost and simple.

😎 Now we’re here

It’s been called Indonesia’s most exciting consumer fintech startup. After bagging a license from Bank of Indonesia in 2016.

  • It has grown 10x since the pandemic, with over 7M users in Indonesia.
  • It has over 100 local banks in its network.

For Individuals. Flip now allows you to make interbank transfers, international remittances and e-wallet top-ups. Get fee-free bank transfers with its “Flip Regular” plan for individuals. (Just stay below its transfer cap of $350 a day.😉)

For businesses. With Flip’s “Big Flip” enterprise plan, handle the payroll for your team, customer refunds, invoices and payments to suppliers and international transfers.

  • Send money to 20,000 accounts in one go.
  • It has over 340 customers, including, Grab, Tokopedia and Payfazz.

💰 What’s with the $$$?

Just so much flippin’ growth. It has already expanded its team by 140% to 240 people. Now, it’s looking to grow its Indonesia operations, double down on its tech for higher-quality service and hire (get your CVs ready!).

  • It’s focused on growing its product and engineering teams.

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