Visa joins $20m round of Singapore open finance platform

Brankas, a Singapore-based fintech firm, has raised US$20 million in a series B round led by Insignia Ventures Partners. Visa, AFG Partners, Treasury International, and the Brankas’ existing investors Beenext and Integra Partners also took part in the round.

Image credit: Brankas

Founded in 2016 by Todd Schweitzer and Ken Shaw, Brankas is an open finance platform that aids financial institutions and startups in identity verification, account opening, and credit scoring. The Singapore-based firm also partners with banks to roll out APIs for real-time payments, identity data, and remittances.

The startup has joined hands with over 40 financial institutions and 100 tech companies. It also counts ecommerce giant Shopee and Indonesian state-owned Bank Mandiri among its clients. It’s also set to announce partnerships with top digital banks and fintech firms in Vietnam and Bangladesh early this year, Brankas said in a statement.

Brankas currently provide its solution in Indonesia, Thailand, and the Philippines. In October last year, the startup won a grant from Singapore’s Central Bank to develop an open-source core banking system.

The fintech firm plans to use the funds from the raise to scale its business, develop its products, and make new hires. To date, it has more than 100 employees – a number it aims to double soon.