The adoption of financial apps is rising in Southeast Asian markets like Indonesia, the area’s most populated nation. Established by fintech veterans last year, Brick develops APIs that make it easier for tech companies to add identity confirmation and access monetary information from their users. It is currently partnered with Indonesia’s seven biggest banks, covering more than 90% of the nation’s checking account, and prepares to expand into all Southeast Asia nations.

More than three-fourths of Southeast Asia’s population is underbanked or unbanked, meaning that do not have a checking account or access to standard lending services. Brick will serve them also, with items like mobile wallet and telcos APIs that are presently in beta and slated for launch next quarter.

The start-up, which is now utilized by 250 designers and 35 tech companies, announced today it has actually raised new seed round. The quantity of financing was undisclosed. Financiers consist of investment firms Much better Tomorrow Ventures, PT Prasetia Dwidharma, 1982 Ventures, Antler and Rally Cap Ventures, and angel backers like TrueLayer chief running officer Shefali Roy, Cred chief executive officer Kunal Shah, Modalku CEO Reynold Wijaya, Carousell CEO Quek Siu Rui, and the creators of Nium, Xfers, Aspire, BukuWarung, ZenRooms and CareemPay.

Brick was founded in 2020 by president Gavin Tan, an early staff member at Aspire, a neobank for small- to mid-sized businesses, and primary innovation Deepak Malhotra, formerly co-founder of Indian neobank Slice and a previous PayPal engineer.

Brick’s APIs have been deployed by individual monetary management, cloud accounting, loaning, wealth management and neobank apps, and Tan informed TechCrunch it likewise sees use cases in verticals like savings, stock trading and financial preparation.

Tan stated he started thinking about launching Brick while working at high-growth fintech startups in Southeast Asia, including Aspire, and experiencing a lack of infrastructure that slowed product development.

“Without merged APIs like those provided by Brick, fintech developers need to spend months finding out commercials, browsing differing tech standards and browsing differing information requirements, before they have the ability to introduce their app,” Tan said.

A diagram showing Brick's financial API offerings

A diagram showing Brick’s financial API offerings Brick and other fintechs have actually taken advantage of strong support from Indonesian regulators. Bank Indonesia published open banking API requirements in 2020. Tan stated the standards “represents concrete government recognition of open banking principles, consisting of consumer ownership of data and the necessity of their consent to move and use that information (which Tan refers to as “a core concept that all our items stick to”) and developing a typical language for banks and fintechs that allows the adoption of ingrained financing. It likewise laid out implementation timelines for open APIs, starting with payment initiation APIs in 2021, which Brick will launch later on this year.

Brick works closely with Bank Indonesia and Indonesia’s Financial Solutions Authority and is taking part in Bank Rakyat Indonesia’s Sembrani Wira accelerator program.

The most apparent comparison for Brick is to Plaid, the financial API service provider that assisted allow the adoption of

open banking and open finance in the United States, Canada and European nations. A key distinction, nevertheless, is that Plaid serves markets where most of individuals have a savings account. On the other hand, “in Southeast Asia, only 25 % of grownups frequently utilize a savings account, “Tan stated.”For the 75 % unbanked and underbanked grownups, their information lives in alternative monetary information sources.”To use that market, Brick is developing APIs for alternative financial data sources, like mobile wallets, telcos, energy service providers, e-commerce platforms, social security and tax workplaces.

The company is currently concentrated on item launches in Indonesia, and plans to begin broadening into other high-growth fintech markets, consisting of Singapore, the Philippines and Vietnam, later on this year.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.