Indonesia’s FinTech API provider Brick raises US$8.5 million in its Seed Funding Round

Indonesia-based FinTech API provider Brick has raised US$8.5 million in its seed round led by Flourish Ventures and Antler.

The funding round was also joined by Trihill Capital along with existing investors Rally Cap Ventures and Better Tomorrow Ventures. Fintech angel investors Yan Wu, Sima Gandhi, Brian Ma, Amrish Rau, Ooi Hsu Ken, and Andrea Baronchelli also participated in the round.

The startup will be using the fresh capital to provide FinTech companies simple, cost-effective, and inclusive infrastructure. The funding will also be used to double down on its presence in Indonesia and regional expansion.

“The funding enables us to accelerate our growth, scale tech platforms to expand our product offerings, and support more developers in the region to build inclusive financial services,” said Gavin Tan, co-founder Brick.

He added, “Brick is building fintech rails for Southeast Asian technology companies.”

The company’s 25 data partners include some of Indonesia’s largest banks, but Tan says that over the past year, “we actually moved away a bit from the focus on just banking because of the local landscape and huge unbanked/underbanked population in Indonesia and Southeast Asia. Only 25% of adults regularly use a bank account in Indonesia, so we’ve expanded to covering mobile wallets, e-commerce, telcos and government social security data, which has proven to be very popular.”

About Brick

Brick was founded in 2020 by Indian FinTech firm Slice co-founder Deepak Malhotra and an early employee of Singapore-based neobank Aspire’s Gavin Tan.

The startup offers a financial data application interface (API) that allows developers to offer in-app financial services including payment, credit, investment, and insurance products to their customers. Its API include Brick Data, Brick Verification, and Brick Payments, which can enable an end-to-end process for online loans, including verifying user identity, underwriting and making sure that funds are disbursed into the right bank account.