Southeast Asian open finance startup Brankas gets $20M Series B led by Insignia Ventures
- BySaksham Daga | January 5, 2022
Brankas, an open banking startup for the Southeast Asian market, is celebrating the New Year with a $ 20 million worth of Series B. Financing was led by Insignia Ventures Partners with the participation of repeaters Beenext and Integra Partners. Other donors include venture capital firms led by fintech veterans such as Visa (Brankas was a member of the accelerator program in 2021), AFG Partners, and Acorns co-founder Jeff Cruttenden and co-founder Eli Brooverman. Includes Treasury International. Of improvement. The
Brankas platform provides a list of over 10 built-in “banking asa service” APIs, including APIs for online banking account opening, credit scoring, identity verification, e-commerce transactions and gig economy payments. Founded in 2016, Brankas aims to “democratize access to financial and identity data.” Customers include traditional financial institutions, banks and fintech start-ups.
Brankas has a 30% increase in API usage each month and is currently used by over 40 banks and 100 corporate customers and sales partners. Since many FinTech clients are focused on those who do not have a bank account, or who do not have a traditional bank account or credit card, Blancas partners include financial services such as telecom companies and electronic wallets. Includes service providers.
Since then, Branka’s chief staff, Bala Subramanian, has told TechCrunch, “During a pandemic, we are actively developing new products that are widely accepted in the current business markets of Indonesia, the Philippines, Thailand and Singapore. I’m doing it. ”
These include, for example, four new payment products. Payment of direct remittances from your account. Pay, a no-code solution for micro businesses to collect payments. For corporate customers, IPG is a platform created by large financial institutions to collect payments on behalf of merchants).
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