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Brankas

Fintech · Jakarta, Indonesia · Founded 2016

Brankas operates as a financial technology company focused on providing the infrastructure for open finance throughout Southeast Asia. Founded in 2016 by Todd Schweitzer and Kenneth Shaw, the Singapore-based firm was established to address technology gaps that were hindering partnerships between financial technology companies and traditional banks. The founders, who met at the University of California, combined their respective expertise in economics and computer science to build the company. Schweitzer's background includes roles in private equity, management consulting, and a period with the Peace Corps focused on economic development, experiences that informed the company's mission to enhance financial inclusion. The company functions as a middleware provider, creating a marketplace that connects financial institutions with tech companies, including fintech startups, e-commerce platforms, and digital banks. Its business model centers on providing Application Programming Interfaces (APIs) that facilitate a range of financial services. These API-based solutions enable third-party providers to integrate financial products directly into their applications with user consent, covering functions like real-time payments, identity verification, new account opening, and credit scoring. Revenue is generated through a pay-per-usage model for its API calls. Brankas serves a diverse client base, from large corporations to small and medium-sized enterprises, aiming to simplify financial management and payment processing. The company specifically targets the unbanked and underbanked populations in markets like Indonesia, the Philippines, Thailand, and Vietnam. Brankas has achieved significant milestones, including securing a Series B funding round of $20 million, with notable investors like Insignia Ventures Partners and Visa. This funding has been directed towards expanding its network, enhancing its product offerings, and doubling its team. The company was a participant in Visa's 2021 Accelerator Program, collaborating on developing a digital credit card issuance solution. A key achievement includes becoming the first company in Indonesia to be licensed for Account Information Services under Bank Indonesia's open finance framework. Its product suite is designed to be secure and compliant, adhering to ISO 27001 and PCI-DSS standards. Brankas' technology enables clients such as UNOBank, PERA HUB, and PayMongo to enhance their digital financial services. Keywords: open finance, API solutions, financial infrastructure, banking-as-a-service, Southeast Asia, fintech, embedded finance, payment gateway, data aggregation, financial inclusion