global.gerbangindonesia.org – Fintech Brick Reaches IDR 122 Billion Funding, Targets Southeast Asia Market
Indonesian fintech company Brick, a provider of Application Programming Interfaces (APIs) announced funding from global venture capital of 8.5 million US dollars, equivalent to Rp 122 billion (exchange rate of Rp 14,352 per US dollar).
Brick Cofounder & CEO Gavin Tan said the funding received would later be used to build open finance and financial inclusion in Southeast Asia and empower the next generation of fintech through cost-effective and easy infrastructure.
“Brick is building fintech infrastructure for technology companies in Southeast Asia and we are pleased to see investor confidence in the development of Indonesian startups, especially the fintech sector, shown through this investment,” said Gavin Tan, in an official statement received by Kompas.com, Monday (14/14). /2/2022).
Gavin said that this funding will also help Brick to grow faster in the development of new technologies, and support more startup developers to build inclusive financial services.
“This funding helps us to grow rapidly, expand our technology platform to offer a variety of new products, and support more developers and startups in Southeast Asia to build inclusive financial services,” he said.
The funding was led by global venture capitalists Flourish Ventures and Antler and followed by Trihill Capital (a former investor), Better Tomorrow Venture and Rally Cap Ventures.
Brick was founded in 2020 and is currently collaborating with thousands of developers in Indonesia with more than 50 clients including several fintech companies including Sinarmas Group and Astra Financial. Brick supports more than 13 million API calls and 1 million monthly consumers.
Brick technology automates and integrates the time-consuming process of collecting data from multiple sources to facilitate financial transactions.
With this technology, fintech platforms can quickly offer a variety of personalized financial products and expand access to finance in Indonesia and Southeast Asia.
Since the last six months, Brick has been expanding its API products to serve technology companies in Indonesia. In addition to Brick Data API products, Brick now also offers Brick Verification and Brick Payments.
Smita Aggarwal, Global Investments Advisor, Flourish Ventures said, “To catalyze the growth of financial services in Southeast Asia, an infrastructure that enables secure and fast integration of identity verification, credit assurance and financial planning for customers is needed.
“We believe that widespread adoption of Open Finance can accelerate financial inclusion across the region and provide a significant boost to economic growth.
We look forward to working with Brick because it supports financial revival in a region that is currently still experiencing difficulties in accessing banking services,” said Samita.