About
The startup plans to use the fresh capital to accelerate its business expansion further, strengthen its operations in Indonesia, advance technology and expand its engineering and product teams. The startup obtained a license from Bank Indonesia (BI) in 2016 to provide financial services, including interbank transfers to more than 100 domestic banks, international remittances, e-wallet top-ups, salary transfers and business solution products. The company said the annual volume of money transfer in Indonesia was recorded at a nominal value of more than $2.2 trillion in 2020, citing Bank Indonesia’s data. 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… The company has increased its team size by 140 % over the past months. Indonesian savings and investment app Pluang gets $20M in pre-Series B fundingIndonesian fintech Xendit is now a unicorn, with $150M in fresh funding led by Tiger Global Flip, which intends to be the most customer-centric financial technology company in the world, enables users to do fair financial transactions from anywhere to anyone. Flip is Insight Partners’ first investment in Indonesia. Sequoia Capital India believes that Flip is the most exciting consumer fintech company in Indonesia. Flip is now the dominant player in its space, with millions of Indonesians trusting the platform for their day-to-day financial needs,” said Samir Chaibi, principal at Insignia Ventures Partners.
