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Southeast Asian Open Finance Startup Brankas Gets $20M Series B Led By Insignia Ventures

Jan 05, 2022•over 3 years ago

Amount Raised

$20 Million

Round Type

series b

Financial Services

Description

Brankas, an open banking startup for Southeast Asian markets, is entering the new year with a $20 million Series B. The funding was led by Insignia Ventures Partners, with participation from returning investors Beenext and Integra Partners. Other backers included Visa (Brankas was a member of its 2021 Accelerator Program), AFG Partners and Treasury International, the venture capital firm led by fintech veterans including Jeff Cruttenden, co-founder of Acorns and Eli Broverman, co-founder of Betterment, also invested.

Company Information

Company

Brankas

About

Brankas says it is seeing 30% month-on-month growth in API usage and is now used by more than 40 banks and 100 enterprise customers and channel partners. In terms of data, Brankas developed four new APIS—Statement, for retail and corporate transaction retrievals; Balance, to let people view their current and average account balances; Income, which uses machine learning to identify individual income or salary; and Telco, to allow clients access to users’ telecom data. He also said that through Visa, Brankas enables open finance for all Visa partner banks in the region and is currently developing new solutions for payments, identity and data analytics.Singapore-based open finance startup Finantier gets backing from Y Combinator

Funding Insights

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