Southeast Asian open finance technology provider Brankas has closed its $20m Series B funding round led by Insignia Ventures Partners.

US payment technology giant Visa, AFG Partners and Treasury also participated in the round along with existing Brankas investors Beenext and Integra Partners.

Brankas will use the proceeds to expand its payments, data, and banking-as-a-service API product menu in Indonesia, the Philippines, and Thailand.

The proceeds will also be used to boost hiring across multiple roles in product, sales, and engineering to support product development.

It currently employs over 100 people in 17 countries.

Brankas also plans to announce new partnerships with key digital banks and fintechs in Vietnam and Bangladesh, and going live early this year.

Brankas offers API-based solutions, data, and payments solutions to financial institutions.

Insignia Ventures Partners principal Samir Chaibi said: “The open finance industry is powering the next generation of fintech 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.”

Brankas CEO Todd Schweitzer said: “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.

“At Brankas, our vision is to make modern financial services available to everyone. 2021 has been a breakout year for Brankas, enabling financial institutions and companies to partner in new ways and offering unprecedented choice and access for Southeast Asia consumers.”

It held Series A funding round in 2019.