Singapore-based FinTech startup Brankas has raised US$20 million in funding in a Series B round led by Insignia Venture Partners along with participation from AFG Partners, Visa, and Treasury International. Existing investors Integra Partners and Beenext also joined the round.
With this fresh funding, Brankas will scale its network and expand its product menu of banking-as-a-Service APIs catering to consumers across 6 Asian markets. The company is also looking to double its 100 plus team.
Since its inception, the startup has been democratizing access to identity and financial data, payment initiation and other developer tools to boost the next generation FinTech solutions. The company has also worked with non-bank providers such as remittance companies and e-wallets to provide open finance solutions that reach untapped consumer segments.
According to Samir Chaibi, Principal at Insignia Ventures Partners, Brankas is well-equipped and well-positioned to achieve this as the open finance movement accelerates in Southeast Asia. “The Open Finance industry is powering the next generation of fintech services and Brankas is at the forefront of this movement in Southeast Asia. We are thrilled to partner with a team with a world-class API-driven infrastructure built across key Southeast Asian markets to serve the largest fintech players as they scale. We have also been impressed by Brankas’s approach to market development and their ability to launch and scale their products in a regulatory compliant manner while ensuring that developers benefit from a reliable and stable source of banking and financial data and beyond.”
Brankas was founded in 2016 by Ken Shaw and Todd Schweitzer offers an open finance platform that helps financial institutions and startups in account opening, identity verification, and credit scoring.
The startup has also partnered with banks to roll out APIs for identity data, real-time payments, and remittances. According to the company, it is also set to announce partnerships with top FinTech firms and digital banks in Bangladesh and Vietnam this year.
Brankas has collaborated with 100 tech companies and over 40 financial institutions. The company counts ecommerce major Shopee and Indonesia’s Bank Mandiri among its customers.
Presently, Brankas offers its FinTech solutions in Thailand, Indonesia, and the Philippines. Last year, the startup had received a grant to develop an open-source core banking system from Singapore’s Central Bank.