Heaptalk, Jakarta — Brankas, a Singapore-based open finance platform for the Southeast Asia market, has closed Series B funding round of US$ 20 million (1 US$ equals Rp. 14.387). This fintech platform will employ the fresh fund to expand its business network to several financial institutions and advance its products.
Insignia Ventures Partners is known to led this funding series. In addition, several investors also participated in delivering their capital, including Beenext and Integra Partners as an existing investor, AFG Partners, and Treasury International as a venture capital company led by fintech veterans, namely Jeff Cruttenden from Acorns and Eli Broverman from Betterment.
The Principal of Insignia Ventures Partners, Samir Chaibi, revealed his official statement, “We were also impressed with Brankas’s approach to conduct market expansion. In addition, the Platform also has ability to launch and adjust its products aligned with the regulations while ensuring the developers gain advantages from a stable banking source and financial data,”
Furthermore, the Brankas platform provides 10 Application Programming Interface (API) to implement bank-as-a-service (BaaS), including access for opening online-based bank accounts, verification of people’s identity, the credit assessment, and economic transactions. This digital financial platform perceives the API utilization enhances by 30% per month, and is employed in more than 40 banks, 100 companies, and partner networks.
The Founder and CEO of Brankas, Todd Schweitzer, delivered a statement regarding the opportunity of the open banking industry, “Due to the growth of our partners and customers, we strive to extend our comprehension of these opportunities and lead the development of solutions to open the opportunities for people, particularly in Southeast Asia,”
Brankas initiated to allocate this investment in network expansion by targeting more than 40 financial institutions and 100 technology companies that implement API, starting from payment, data, and banking-as-a-service in Indonesia, Thailand, and the Philippines. In addition to these countries, the fintech platform will also utilize the capital to build partnerships with a digital bank and financial technology leaders in Bangladesh and Vietnam as the latest targetted market for this early year. (SFM)
