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Indonesian fintech Flip has raised $48 million in a Collection B funding spherical.
Flip claims greater than 7 million customers in Indonesia
The spherical was co-led by Sequoia Capital India, Perception Companions and Insignia Ventures Companions. It marks the primary time New York-based Perception has invested in Indonesia.
The money will go in the direction of strengthening Flip’s Indonesian operations, investing in know-how and increasing its workforce, with a specific give attention to its engineering and product improvement groups.
Flip has already added greater than 250 workers for the reason that starting of the 12 months, a rise of 140%.
The beginning-up says its mission is to minimise the complexity of transactions for people and companies and supply cash transfers with decrease charges.
Flip president and founder Rafi Putra Arriyan says the funding is “the useful resource we have to drive and speed up our mission of offering modern options that earn a living motion simpler in Indonesia”.
Flip claims greater than 7 million customers and processes numerous forms of monetary transactions together with on-line P2P funds, financial institution transfers to greater than 100 home banks, abroad remittances and digital pockets top-ups.
The brand new funding follows a $17 million Collection A spherical and takes the agency’s whole raised so far to $65 million.
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