Brankas an open finance tech firm announced the close of its US$20m Series B investment round led by Insignia Ventures Partners with participation from existing investors Beenext and Integra Partners.
Visa, AFG Partners and Treasury International (backed by veteran fintech founders Jeff Cruttenden of Acorns and Eli Broverman of Betterment) have also joined the round along with existing investors Beenext and Integra Partners.
Brankas was selected as one of the 5 participants in Visa’s 2021 Accelerator Program and jointly developed with Visa, a digital credit card issuance proposition using Visa’s data capabilities. The solution was showcased at the Visa Accelerator Demo Day in September 2021.
With this round, Brankas aims to scale its network of more than 40 financial institutions and 100+ technology companies and broaden its product offering to include more banking-as-a-service, cryptocurrency support, and payment offerings
They are also looking to double the 100-person strong team.
Brankas’ network of financial institutions and tech companies rely on its menu 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.
Todd Schweitzer, CEO of Brankas, said,
“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. Thanks to our growing network of partners and customers we are continuously deepening our understanding of these opportunities and leading the development of solutions to open these doors for them here in Southeast Asia.”
Following this Series B round, Brankas is deepening the capabilities of its payments, data, and banking-as-a-service API product menu in Indonesia, the Philippines, and Thailand. The company is soon to announce partnerships with top digital banks and fintech leaders in Vietnam and Bangladesh, going live in early 2022.