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.