Flip announced it has raised $48 million in a Series B. The goal is to accelerate its growth.

The Partners, who co-led the Series B round were Sequoia Capital India, Insight Partners and Insignia Ventures Flip.

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. Rafi Putra Arriyan, co-founder and CEO of Flip 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.”

Over 250 team members were added by Flip to build its financial services. The company has increased its team size by 140 % over the past months.