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Indonesian fintech startup Flip raises $48m co-anchored by Sequoia

Company seeks to become free-of-charge digital banking platform

Interbank transfers are the dominant payment method in Indonesia's fast-growing digital economy, according to venture capital fund Sequoia India.   © Reuters

CEBU, Philippines -- Indonesian consumer payment platform Flip has raised $48 million in a Series B funding round co-anchored by Sequoia Capital India, Insight Partners and Insignia Ventures.

The fintech startup, a pioneer in free-of-charge digital bank transfers, announced the fundraising on Wednesday. It will use the fresh capital to accelerate its expansion and beef up its operations in Indonesia. It also plans to invest further in technology and hire more people, said in the announcement.

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