Indonesian fintech, Flip bags $48M Series B, co-led by Sequoia India
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.
- It’s the third round Sequoia India has led for Flip.
- It’s New York-based Insight Partners first-ever investment in Indonesia.
⏪ 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 $$$!)
- Often, your cash gets stuck, and it’s just a pain to do since interfaces are outdated and complicated.
Lucky strike. Turns out, it was a key problem to solve. Interbank transfer is the top payment method in Indonesia’s digital economy.
- Flip makes transfers low-cost and simple.
😎 Now we’re here
It’s been called Indonesia’s most exciting consumer fintech startup. After bagging a license from Bank of Indonesia in 2016.
- It has grown 10x since the pandemic, with over 7M users in Indonesia.
- It has over 100 local banks in its network.
For Individuals. Flip now allows you to make interbank transfers, international remittances and e-wallet top-ups. Get fee-free bank transfers with its “Flip Regular” plan for individuals. (Just stay below its transfer cap of $350 a day.😉)
For businesses. With Flip’s “Big Flip” enterprise plan, handle the payroll for your team, customer refunds, invoices and payments to suppliers and international transfers.
- Send money to 20,000 accounts in one go.
- It has over 340 customers, including Tiket.com, Grab, Tokopedia and Payfazz.
💰 What’s with the $$$?
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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