Indonesian API provider cements $8.5m seed funding

Indonesia-based Brick, a fintech API provider, has raised US$8.5 million in a seed round led by Flourish Ventures and Antler.

Team Brick / Photo credit: Brick

The funding will support Brick’s vision of powering the next generation of fintech companies with easy-to-implement, cost-effective, and inclusive fintech infrastructure. The startup is also looking to recruit senior local talents in the geographies where it operates to localize its offerings.

Brick was co-founded in 2020 by Gavin Tan, an early employee at Singapore-based neobank Aspire and Deepak Malhotra, co-founder of Indian fintech unicorn Slice.

Brick builds APIs for tech companies, making it easier for them to offer payment, credit, investment, and insurance products to their consumers by connecting those platforms with hyperlocal data sources. For example, if a user wants to take out a loan, Brick’s technology can immediately connect the platform with the user’s financial account or gather mobile wallet or employment data to help process the loan application.

The startup currently has nearly 50 paying clients, including Indonesia’s Sinarmas Group and Astra Financial. The company supports more than 13 million API calls and almost 1 million consumers each month. It will roll out in Singapore and the Philippines later this year.

Other investors in the round include:

• Trihill Capital
• Better Tomorrow Ventures
• Rally Cap Ventures
• Sima Gandhi (Plaid, Creative Juice)
• Yan Wu (Bond)
• Brian Ma (Divvy Homes)
• Ooi Hsu Ken (Iterative)
• Amrish Rau (Pine Labs)
• Andrea Baronchelli (Aspire)

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