Indonesia’s Flip raises $48 million to accelerate growth
The Indonesian startup scene is growing rapidly. In the past few years, the number of Indonesian technology unicorns has risen. They include companies like Tokopedia, Traveloka, Gojek, and OVO, among others. Many other technology companies have raised millions of dollars from investors.
Flip raises funds
The latest Indonesian company to raise capital is Flip, a fintech company that provides a simple way of sending money.
According to TechCrunch, the company raised $48 million this week. The new fundraising brings its total VC funds to more than $65 million, making it one of the fastest-growing startups in Indonesia. The funding came from Insight Partners and Sequoia Capital India. In a statement, Rafi Putra, the company’s founder said:
“This new funding is a testament to our team’s commitment and persistence. It gives us the resources we need to fuel and accelerate our mission to build innovative solutions that simplify money movement in Indonesia.”
New round to fund growth
Flip intends to use the new capital injection to fund its growth. The company has already achieved significant growth in the past few years. It has more than 7 million customers who use its product to send money and pay bills. It also serves some of the biggest companies in Indonesia including schools and transportation firms.
For starters, Flip is a money transfer firm that enables people to move funds from one bank account to another. It can do that to about 100 domestic banks. Also, users can send money to e-wallets and other payment platforms. In a note, the vice president of Sequoia India said:
“Flip has a massive user base and is growing rapidly with outstanding retention metrics, all of which point to the delightful and seamless product that the company has built.”
