Jakarta-based payments company Flip has raised $48m from a Series B funding round.
The round was co-led by Sequoia Capital India, Insignia Ventures Partners and Insight Partners.
Founded in 2016, Flip helps people send money securely without any transaction fee. Individual users can use Flip to send money across the 14 biggest banks in Indonesia with no costs.
The company said it has already added over 250 employees since the beginning of this year, which is an increase of 140%.
Flip claims its mission is to minimise the complexity of transactions for individuals and businesses and provide money transfers with lower fees.
According to Flip, the newly raised capital will go towards strengthening Flip’s operations in Indonesia, investing in technology and expanding its workforce – with a particular focus on its engineering and product development teams.
Flip president and founder Rafi Putra Arriyan said the investment is “the resource we need to drive and accelerate our mission of providing innovative solutions that make money movement easier in Indonesia”.
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