Brankas Company Profile

Background

Overview

Brankas is a leading open finance technology company headquartered in Singapore, specializing in providing API-based solutions to financial institutions and digital businesses across Southeast Asia and the Middle East. Founded in 2016 by Todd Schweitzer and Kenneth Shaw, Brankas aims to democratize access to financial and identity data, facilitating the development of innovative financial products and services.

Mission and Vision

Brankas's mission is to provide modern, open, and secure technology that empowers partners to create world-class financial solutions. The company's vision is to make modern financial services available to everyone, particularly focusing on enhancing financial inclusion in emerging markets.

Primary Area of Focus

Brankas operates in the open finance sector, offering a suite of APIs that enable real-time payments, identity verification, account opening, and credit scoring. These services are designed to bridge the gap between traditional financial institutions and technology companies, fostering seamless integration and innovation in financial services.

Industry Significance

As a pioneer in Southeast Asia's open finance ecosystem, Brankas plays a crucial role in enabling financial institutions and fintech companies to collaborate effectively. By providing secure and compliant API solutions, Brankas contributes to the modernization of financial infrastructure, promoting financial inclusion and accessibility across the region.

Key Strategic Focus

Core Objectives

Expansion of API Offerings: Brankas aims to broaden its suite of APIs to cover a wide range of financial services, including payments, data aggregation, and banking-as-a-service solutions.

Market Penetration: The company focuses on increasing its presence in Southeast Asia and the Middle East by partnering with a diverse set of financial institutions and digital businesses.

Regulatory Compliance: Ensuring adherence to local and international regulatory standards is a priority to maintain trust and facilitate seamless operations.

Specific Areas of Specialization

Open Banking Solutions: Developing APIs that enable secure data sharing between banks and third-party providers.

Embedded Finance: Facilitating the integration of financial services into non-financial platforms, enhancing user experience and accessibility.

Financial Data Aggregation: Providing tools for aggregating and analyzing financial data to support decision-making processes.

Key Technologies Utilized

API Development: Crafting robust and scalable APIs to support various financial services.

Security Protocols: Implementing industry-standard security measures, including ISO 27001 and PCI-DSS compliance, to ensure data protection.

Cloud Infrastructure: Leveraging cloud technologies to ensure scalability and reliability of services.

Primary Markets Targeted

Southeast Asia: Countries such as Indonesia, the Philippines, Thailand, and Vietnam.

Middle East and North Africa (MENA): Expanding into markets within the MENA region to tap into emerging opportunities.

Financials and Funding

Funding History

Series B Round: In January 2022, Brankas secured a $20 million Series B funding round led by Insignia Ventures Partners, with participation from Visa, Beenext, and Integra Partners.

Total Funds Raised

As of the latest available data, Brankas has raised a total of $20 million in funding.

Notable Investors

Insignia Ventures Partners: A venture capital firm focusing on early-stage technology companies in Southeast Asia.

Visa: A global payments technology company investing to support the growth of open finance ecosystems.

Beenext: A global venture capital firm investing in early-stage technology companies.

Integra Partners: A venture capital firm investing in fintech and financial services companies.

Utilization of Capital

The funds raised are intended to:

Expand Product Offerings: Enhance and diversify the suite of APIs and services provided.

Increase Market Reach: Strengthen presence in existing markets and enter new regions.

Enhance Team Capabilities: Recruit additional talent to support growth and innovation initiatives.

Pipeline Development

Key Pipeline Candidates

Brankas is actively developing APIs in the following areas:

Real-Time Payments: Enabling instant payment processing across various platforms.

Identity Verification: Providing secure methods for verifying user identities to prevent fraud.

Account Opening: Streamlining the process for users to open new bank accounts digitally.

Credit Scoring: Utilizing alternative data sources to assess creditworthiness, especially for underbanked populations.

Stages of Development

These APIs are in various stages of development, with some already deployed and others in the testing phase.

Target Conditions

The APIs aim to address challenges such as financial inclusion, payment efficiency, and secure digital transactions.

Anticipated Milestones

Product Launches: Scheduled for the upcoming quarters, with specific dates to be announced.

Regulatory Approvals: Ongoing processes to ensure compliance with local financial regulations.

Technological Platform and Innovation

Proprietary Technologies

Open Finance Suite: A comprehensive suite of APIs designed to facilitate open banking and embedded finance solutions.

Merchant Link (IPG): An integrated payment gateway solution enabling seamless payment processing for merchants.

Significant Scientific Methods

Data Aggregation Techniques: Employing advanced methods to aggregate and analyze financial data from multiple sources.

Machine Learning Algorithms: Utilizing machine learning to enhance credit scoring models and identity verification processes.

Leadership Team

Todd Schweitzer: Co-Founder and CEO

Professional Background: Extensive experience in private equity, management consulting, and economic development.

Contributions: Led the strategic direction and growth of Brankas, establishing key partnerships and securing funding.

Kenneth Shaw: Co-Founder and CTO

Professional Background: Expertise in computer science and technology development.

Contributions: Oversees the technological development and innovation at Brankas, ensuring the robustness and scalability of the platform.

Competitor Profile

Market Insights and Dynamics

The open finance sector in Southeast Asia is experiencing rapid growth, driven by increasing digitalization and a large unbanked population. This presents significant opportunities for companies like Brankas to expand their services and impact.

Competitor Analysis

Finantier: A Singapore-based open finance platform offering similar API solutions for financial data aggregation and payments.

Finverse: A fintech company focusing on open banking solutions in the Asia-Pacific region.

Brick: Provides open banking infrastructure and API solutions for financial institutions and fintech companies.

Strategic Collaborations and Partnerships

Brankas has formed strategic partnerships with several key players:

Visa: Collaborated on developing a digital credit card issuance solution, showcased at the Visa Accelerator Demo Day in September 2021.

Accurate: Partnered to offer connected business software, including accounting and point-of-sale systems, integrated with Brankas's open banking services.

Operational Insights

Brankas differentiates itself through its comprehensive API suite, regulatory compliance, and focus on financial inclusion. The company's ability to integrate with a wide range of financial institutions and digital platforms positions it as a leader in the open finance ecosystem.

Strategic Opportunities and Future Directions

Brankas plans to: