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Local fintech Flip raises $48m in foreign VC-led funding round
The Indonesian start-up has secured US$48 million in its latest funding round to secure its domestic lead, with plans to expand its services and workforce.
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Flip is a mobile app that offers interbank money transfers and other transaction services, and is available for both iOS and Android devices. (PT Fliptech Lentera Inspirasi Pertiwi/-)
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local start-up focusing on interbank transfers has secured US$48 million in series B funding in the latest sign of the country’s booming fintech industry.
The funding round for PT Fliptech Lentera Inspirasi Pertiwi, the company behind the app Flip, was coled by venture capital heavyweights Sequoia Capital India, Insight Partners and Insignia Ventures Partners.
In a joint press release issued on Dec. 8, Flip said it planned to use the new funds to accelerate business expansion, invest in technology and expand its domestic workforce with a focus on engineering and product teams.
The move marks the first investment in Indonesia for Insight Partners, a global private equity and venture capital firm based in New York.
“We are [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 Flip cofounder and CEO Rafi Putra Arriyan.
Fintech funding in Southeast Asia soared to $3.5 billion in the first nine months of this year, more than three times the investment logged for the full year in 2020, according to the 2021 edition of FinTech in ASEAN published by Singapore’s United Overseas Bank (UOB), accounting firm PricewaterhouseCoopers (PwC) and the Singapore Fintech Association (SFA).
Read also: Investment apps all the rage in Indonesia
