LEADING open finance technology provider Brankas has raised $20 million to help expand its network in the Asia-Pacific region, specifically in the Philippines, and to revolutionize micro, small and medium enterprises in the field with new partners, led by Insignia Ventures Partners.

Brankas said the deal demonstrates its partners' confidence in the Philippines, where it hopes to be instrumental to providing financial access to the underserved and unrepresented market, mainly consisting of the millions of unbanked Filipinos.

Brankas, which has an office in the National Capital Region, said it believes it has positioned itself to accelerate this significant industry growth through the close of its $20-million Series B investment round led by Insignia Ventures Partners with participation from Visa and existing investors Beenext and Integra Partners.

Brankas is expected to scale its network of more than 40 financial institutions and 100-plus technology companies, expand the product menu of banking-as-a-service application programming interfaces (APIs) serving customers across six markets in Asia and double its staff across 17 countries.

"Open finance is about more than just payments or banking. Our work at Brankas building Southeast Asia's next-generation financial services infrastructure has unlocked opportunities for new financial product development, in a region that has historically been dominated by large brick-and-mortar incumbents," Todd Schweitzer, chief executive officer of Brankas, said.

Brankas is the first in the region to launch banking-as-a-service APIs for account opening and credit card issuance. In the Philippines, Brankas participated as the first approved financial API service provider in the country's open finance pilot.

Samir Chaibi, principal at Insignia Ventures Partners, said the open finance industry is powering the next generation of financial technology services and Brankas is at the forefront of this movement in Southeast Asia.

"We are thrilled to partner with a team with a world-class API-driven infrastructure built across key Southeast Asian markets to serve the largest fintech players as they scale," Chaibi stated.

Visa, in its commitment to the fast-developing open finance ecosystem in Southeast Asia, said it selected Brankas as one of the five participants in Visa's 2021 Accelerator Program and jointly developed with it a digital credit card issuance proposition using Visa's data capabilities.