Brick, an Indonesian fintech company that provides Application Programming Interfaces (API) announced that it received funding from global venture capital of USD 8.5 million.
This funding will be used by Brick to build open finance and financial inclusion in Southeast Asia and empower the next generation of fintech through cost-effective and easy infrastructure.
Funding was led by global venture capitalists Flourish Ventures and Antler and followed by Trihill Capital (a former investor), Better Tomorrow Venture and Rally Cap Ventures.
"Brick is building fintech infrastructure for technology companies in Southeast Asia and we are pleased to see investor confidence in the development of Indonesian startups, particularly the fintech sector, shown through this investment," said Gavin Tan, Cofounder & CEO, in a statement received by us.
"This funding helps us to grow rapidly, expand our technology platform to offer a variety of new products, and support more developers and startups in Southeast Asia to build financially inclusive services. We are excited to welcome Flourish and build a deeper relationship with Antler, " he added.
Brick was founded in 2020 by Gavin Tan and Deepak Malhotra (CTO), where Gavin was one of Aspire's earliest employees and. Deepak previously built India's first unicorn neobank for millennials as co-founder and CTO at Slice.
There are thousands of developers in Indonesia who have collaborated with Brick and have more than 50 clients including several fintech companies including Sinarmas Group and Astra Financial. Brick supports more than 13 million API calls and 1 million monthly consumers.
Brick builds Application Programming Interfaces (APIs) for fintech and technology companies. The Brick API makes it easy for fintech platforms to offer payment, credit, investment and insurance services to consumers by connecting their platforms to hyper-local data sources.
The implementation is, when a consumer wants to apply for a loan, Brick technology can connect the platform with the user's financial account, or collect digital wallet data and employment data to help speed up the loan application process.
Since the last six months, Brick has expanded its API product offering to better serve technology companies in Indonesia. In addition to Brick Data API products, Brick now also offers Brick Verification and Brick Payments.
This API product development can cater to a wider variety of uses and make it easier for developers to build world-class products with just 1 API integration. For example, the entire user journey in applying for a loan; starting from onboarding, underwriting to remittances can be automated with Brick Verification, Brick Data and Brick Payments.