Jakarta-based fintech startup Brick has raised $8.5 million in seed funding. Flourish Ventures and Antler led the round.
Singapore, 10 February 2022 – Brick has raised $8.5 million of funding in a Seed investment round led by prominent global venture capital investors Flourish Ventures and the global venture capital firm Antler. Other investors in the round include Trihill Capital, existing investors – Better Tomorrow Ventures and Rally Cap Ventures, and notable fintech operators including Sima Gandhi (Plaid, Creative Juice), Yan Wu (Bond), Brian Ma (Divvy Homes), Ooi Hsu Ken (Iterative), Amrish Rau (Pine Labs) and Andrea Baronchelli (Aspire) also participated. The fundraising supports Brick’s vision of powering the next generation of fintech companies with easy to implement, cost-effective and inclusive fintech infrastructure.
Brick was founded in 2020 by Gavin Tan and Deepak Malhotra (CTO). Gavin was an early employee at Aspire. Deepak built the first unicorn neobanks for millennials in India as co-founder and CTO of Slice.
“Brick is building fintech rails for Southeast Asian technology companies,” said Gavin Tan, CEO. “This funding enables us to accelerate our growth, scale tech platforms to expand our product offerings, and support more developers in the region to build inclusive financial services. We’re delighted to welcome Flourish, and to deepen our partnership with Antler.”
Gavin added, “The funding also allows us to recruit senior local talents in each country where we operate such as Indonesia, so as to localise our product and ensure that it aligns with the best practice and the highest standard of good corporate governance and consumer protection, especially within the ambit of data integrity and protection. Compliance, consumer protection and consumer trust are our top priorities at Brick.”
Brick builds Application Programming Interfaces (APIs) for fintech and consumer tech companies. These APIs make it easy for popular fintech platforms to offer payment, credit, investment and insurance products to their consumers by connecting those platforms with hyper-local 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.
This technology automates and integrates the otherwise time-consuming process of collecting data from different sources to facilitate financial transactions. That means fintech platforms can quickly offer their users a wide range of tailored financial products – and enhances access to finance at a time of accelerating digital adoption across Indonesia and Southeast Asia.
Brick works with thousands of developers in the country and has signed up more than 50 paying clients. These include some of Indonesia’s fastest-growing Indonesian fintechs and conglomerates like Sinarmas Group and Astra Financial. The company supports more than 13 million API calls and almost 1 million consumers each month.
Over the last six months, Brick has expanded on its API suite to better serve technology companies in Indonesia. In addition to its market leading Brick Data API, the company now offers Brick Verification and Brick Payments. This allows the Brick API suite to cover deeper use cases and enables developers to launch world-class products with a single API integration. For example, the end-to-end user journey of onboarding, underwriting and disbursement for a user who wants to take out a loan, can now be automated with Brick Verification, Brick Data and Brick Payments respectively.