Indonesian fintech Brick is negotiating the sale of a majority stake to an Australian fintech player in a deal reportedly valued at US$10 million to US$20 million, according to DealStreetAsia, which cited multiple sources familiar with the matter.

The transaction is in its final stages, although terms remain subject to change.

An unnamed Australian buyer emerged as the frontrunner after Brick spent months negotiating with several global strategic investors, sources told DealStreetAsia.

Through the potential acquisition, the buyer could accelerate its Southeast Asia expansion by accessing Brick’s local regulatory infrastructure, licenses, technology stack, and market relationships.

Founded in 2020, Brick initially provided open finance APIs that helped fintechs and enterprises connect to financial infrastructure.

The company has since expanded into payment infrastructure, offering services including disbursements, payment collection, virtual accounts, QRIS, payment links, and financial data services.

Brick strengthened its payments capabilities in 2023 through the acquisition of PT Eastern Transglobal Remittance, giving the company access to a Bank Indonesia-licensed payment services provider and enabling it to offer regulated fund transfer services under its own licensed entity.

The potential transaction comes as Indonesia’s fintech sector faces a more challenging funding environment, with startups increasingly exploring strategic investments and consolidation opportunities as venture capital activity slows.

Featured image credit: Edited by Fintech News Indonesia, based on image by lucky_Ai via Magnific