Brankas has raised over $20 million in a series B funding round led by Insignia Ventures and Visa, and participation from existing investors Beenext and Integra Partners.
With its new funds, Brankas aims to scale its network of financial institutions and technology companies, expand its product menu of banking-as-a-service APIs serving customers across six markets in Asia, and double its 100-person strong team, the Southeast Asian startup said in an announcement.
Founded in 2016, the independent financial management and payments platform based in Indonesia offers a suite of embedded finance APIs to develop, rollout, and manage digital experiences across various use cases for Southeast Asia, from digital banking, online credit scoring to e-commerce and gig economy payments.
Growth Opportunities
«Open Finance is about more than just payments or banking. Our work at Brankas building Southeast Asia's next-generation financial services infrastructure has unlocked opportunities for new financial product development, in a region that has historically been dominated by large brick-and-mortar incumbents,» CEO Todd Schweitzer said in the announcement.
Brankas plans to deepen the capabilities of its payments, data, and banking-as-a-service API product menu in Indonesia, the Philippines, and Thailand. It also has partnerships with top digital banks and fintech leaders in Vietnam and Bangladesh that will go live in early 2022.
It previously received a grant from the Monetary Authority of Singapore to develop an open-source core banking system. The company also participated as the first approved financial API service provider in the Philippines' Open Finance pilot.
