Brick, a Jakarta-based startup developing cutting-edge APIs for consumer tech and fintech organisations, has raised US$ 8.5 million in a Seed funding round led by Antler and Flourish Ventures on 10 February 2022.

Investors: The latest investment round featured Antler and Flourish Ventures as the lead investor with participation from Better Tomorrow Ventures, Trihill Capital, Rally Cap Ventures and other angel investors like Brian Ma, Sima Gandhi, Yan Wu and several others.

Purpose of the funding: The startup seeks to deploy the proceeds from the investment round to enhance its growth, upgrade its tech platform to diversify its product offerings, and bolster its regional users to develop inclusive financial offerings.

About Brick

Brick Logo

Brought to existence in 2020 by Gavin Tan and Deepak Malhotra, Brick’s APIs simplify several complex functions for fintech organisations by providing insurance, payment, credit and investment products to their users. It links those platforms with hyper-local data sources. Its technology consolidates and automates the process of garnering data from an eclectic mix of sources to consummate financial transactions. Brick has signed up over 50 paying clients. It operates with numerous developers in the country including fast-growing Indonesian fintechs like Astra Financial and Sinarmas Group. Brick manages over 13 million API calls and nearly 1 million consumers monthly. In the latter half of 2021, Brick has broadened its API suite to better cater to Indonesian tech firms.

What the Founder has to say: “The fresh capital will enable us to hire senior local talents in Indonesia. It will allow us to localise our offering and retain the highest standard and best practice of sound consumer protection and corporate governance, particularly in terms of data protection and integrity. Consumer trust, compliance and consumer protection have always been our utmost priorities.”- Gavin Tan, Co-Founder and CEO of Brick.

What the Investor has to say: “It is thrilling to join hands with the Brick team. We support their business model and vision of open finance for the southeast asian market. Brick will drive transparency, competition, and innovation in the Indonesian fintech domain. Though Europe has opted for a regulatory driven tactic, we reckon the market pull from fintech firms and their users will further build by Brick’s foundational API infrastructure. We feel that the most innovative consumer services, ASEAN banks and governments will wholeheartedly empower open finance as a solution to supersede conventional data infrastructures and payments.”- Teddy Himley, Partner at Antler.

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Sankalp majorly focuses on writing newsletters on VCBay. He is pursuing Bachelors in Economics from the University of Delhi and exhibits proficiency in content writing and research.

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