Growth hacking Indonesia's interbank transfer app: On Call with Flip CEO and co-founder Rafi Putra Arriyan


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We catch up with one of our favourite technical, product-centric founders, Rafi Putra Arriyan (or Ari), CEO and co-founder of interbank transfer platform Flip. In 2015, Ari and his college friends tackled the long-standing issue of high interbank transfer fees in Indonesia. With Ari's product-focus and technical expertise they have since grown the platform to serve 1.7 million Indonesians today. He calls from West Java's Depok City and we talk about, among other things:

  • the classic story of how he and his college friends built an MVP with a Google Form and found PMF in three weeks;
  • Flip's approach to product development as the company aims to go from interbank transfer app to digital bank for Indonesia;
  • his advice for fellow technical founders.

This episode was recorded on Zoom, 25 June 2020.


00:17 Yinglan introduces Ari;

1:20 How Ari met Insignia;

2:15 Why Ari and his college friends started Flip;

4:04 How Ari and his college friends found PMF with a Google Form MVP;

5:32 How Flip has evolved with Indonesia’s financial services sector over the past five years;

6:53 How COVID19 has affected activity and operations on Flip;

9:20 How Flip operates with a digitalising banking sector;

9:56 Flip’s approach to product development;

10:54 Ari’s thoughts on cross-border financial services and transfers;

12:17 One of Flip’s more recent experiments: Flip Instant;

13:38 Ari’s take on upcoming use cases in fintech;

15:06 Ari’s advice for technical founders;

About the guest

Ari started Flip after he and his co-founders spotted an inefficiency in the interbank fund transfers segment in Indonesia. With his product-centric focus and technical background, he has grown Flip to be a platform serving 1.7 million Indonesians today. He believes in using technology to automate manual banking processes and reduce the administrative costs of wire transfer. Ari holds a Bachelor’s Degree in Computer Science from Universitas Indonesia (UI), one of the most prestigious universities in Indonesia.


Business As Usual by Causmic

Broken Purpose by Jukedeck (2019)

The content of this podcast is for informational purposes only, should not be taken as legal, tax, or business advice or be used to evaluate any investment or security, and is not directed at any investors or potential investors in any Insignia Ventures fund.

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