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The Silicon Review Asia

Southeast Asia's Brankas Raises $20M in its Series B

Southeast Asia's Brankas Raises $20M in its Series B

The investment round was led by Insignia Ventures

Singapore-based open finance technology company Brankas has raised $20 million in its Series B round of funding. The investment round was led by Insignia Ventures with participation from Beenext and Integra Partners.

The funding will help the company scale its network of more than 40 financial institutions and 100+ technology companies. The company will also be using the funding to expand its product menu of banking-as-a-service APIs serving customers across six markets in Asia. Brankas will now also look to double it headcount to 200.

"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," said Todd Schweitzer, CEO of Brankas

The company will be looking to improve upon its capabilities in payments, data, and banking-as-a-service API product menu in Indonesia, the Philippines, and Thailand.

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