Insight makes Indonesia debut in Flip's Series B

The US-based investor is becoming increasingly active in Asian financial technology, though primarily in India where it has backed the likes of Cred and BharatPe. The firm also has considerable exposure to software-as-a-service start-ups in India and Australia.

Flip offers a suite of P2P payment and related business services products, facilitating streamlined interbank transfers for more than 100 domestic banks, as well as international remittances, and e-wallet top-ups. Money transfers in Indonesia are subject to lengthy clerical processes, outdated interfaces, and complicated flow.

The company serves more than seven million users across various kinds of financial transactions in Indonesia and overseas. Its small to medium-sized enterprise client base numbers in the hundreds, with services offered in areas such as employee payroll, customer refunds, invoicing and supplier payments, as well as international transfers.

“Interbank transfer is the most dominant payment method in Indonesia’s fast-growing digital economy. 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,” Aakash Kapoor, a vice president at Sequoia, said in a statement.

“Having partnered with over 50 fintech companies and several distribution-first payments unicorns, Sequoia Capital India believes that Flip is the most exciting consumer fintech company in Indonesia.”

Sequoia led a Series A in 2020 and joined a 2019 seed round alongside Insignia. Total funding since the company’s inception in 2015 reportedly comes to $65 million. The latest round will be used to expand the business within Indonesia, build out the technology offering, and hire additional engineering and product development staff.

Flip has increased headcount by 140% in recent months to about 250 people. The company says its expansion has coincided with increased adoption of technology locally, claiming its user base has grown tenfold during the pandemic.

“As the first institutional investor in Flip, we have witnessed the incredible growth of the product, and the execution of the team over the past two years,” Samir Chaibi, a principal at Insignia, added. “Flip is now the dominant player in its space with millions of Indonesians trusting the platform for their day-to-day financial needs.”

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• Topics
• Southeast Asia
• Financials
• Technology
• Early-stage
• Indonesia
• Sequoia Capital
• Insight Partners
• Insignia Venture Partners
• Fintech
• Financial Services