Fintech Flip Earns IDR 691 Billion from Indian and American Investors
The consumer payment platform provider or fintech Flip averages around IDR 691 billion. The investment was led by Sequoia Capital India, Insight Partners and Insignia Ventures Partners.
This round also marks Insight Partners’ first investment in Indonesia. Insight is a global private equity and venture capital firm based in New York, United States (US).
“This new funding is a testament to the commitment and tenacity of our team,” said Flip Rafi Putra Arriyan, Founder and Managing Director, in a press statement, Wednesday (8/12).
The financial technology (fintech) company plans to use the fresh funds to accelerate business expansion and strengthen operations in Indonesia.
In addition, investment in technology to provide higher quality of service to customers. Flip also wants to develop human resources with a focus on engineering and product teams.
“This investment is the source we need to encourage and accelerate our mission to provide innovative solutions that facilitate money movement in Indonesia,” he said.
Becoming a Solution for the Community
According to him, bank account owners face several obstacles when transferring money, ranging from the convenience of using the product, admin fees, transaction flow to the smoothness and speed of the transaction process.
He saw that there was still room for updating and simplifying various financial transactions. Flip also provides services that allow users to conduct fair financial transactions from anywhere and to anyone.
Some of Flip’s products are online peer-to-peer payments with bank transfers to more than 100 domestic banks, international remittances, digital wallet top-ups (e-wallet top-ups), and business solution products.
In addition, Flip provides business solutions for hundreds of companies with various industrial scales, including SMEs (Small and Medium Enterprises). These solutions include disbursement and remittances such as employee payroll, customer refunds, invoice/supplier payments, and international transfers.
Flip was founded by alumni of the University of Indonesia (UI), namely Rafi, LuqmanSungkar, and Ginanjar Ibnu Solikhin. They build a company while studying. The number of Flip users is now more than seven million.
This fintech also added more than 250 team members or 140% over the last few months. Sequoia India VP Aakash Kapoor said bank transfers are the most dominant payment method in Indonesia’s digital economy.
“Flip has a large and fast-growing user base with outstanding retention metrics,” he said. Flip has also partnered with more than 50 fintechs and some of the distribution’s first payment unicorns. “We believe that Flip is the most attractive consumer fintech company in Indonesia,” said Askash.
Insight Partners Managing Director Deven Parekh added, “Flip disrupted the existing interbank transfer market. We look forward to working with Flip as the company continues to improve and expand its products,” he said.
Insignia Ventures Partners Principal Samir Chaibi agrees that the product growth and performance of the Flip team has been remarkable over the past two years. According to him, fintech is the dominant player in the industry with millions of users.
“We look forward to working with Flip to deepen their excellence in Indonesia,” said Samir.Last year, Flip secured series A funding led by Sequoia Capital India. The fintech secured seed investment in 2019 co-led by Sequoia Capital India and Insignia Ventures Partners.
Flip also officially adds the functionality of the Flip Balance feature. Users can now make money transfers directly from Balance Flip. This service is Flip’s commitment to simplify money transactions for the community and improve customer experience and satisfaction.
“The addition of the Flip Balance function aims to give customers a choice so that they can directly transfer money easily using the Flip application, without using other applications,” said Flip Chief Operating Officer (COO) Gita Prihanto, in a statement, Wednesday.