(L-R) Ayoconnect Co-Founders Jakob Rost, Chiragh Kirpalani, and Commissioner Ilham Habibie
Ayoconnect, an online open finance platform in Indonesia, has closed a US$15 million Series B financing round led by Tiger Global.
PayU, the payments and fintech business of Prosus, and Alto Partners, also joined, alongside Plaid co-founder William Hockey and Bank Jago President Commissioner Jerry Ng.
The company will use the new funds to launch new products and increase its capacity. In H1 2022, Ayoconnect will launch a direct debit service, an API service that automates recurring payments directly from customers’ bank accounts. It also plans to offer clients cards-as-a-service.
Ayoconnect is also set to begin its regional expansion.
The new round follows a US$10 million pre-Series B financing from investors such as Mandiri Capital and Patamar Capital.
Also Read: Ayoconnect snags US$10M pre-Series B to democratise Open Finance in Indonesia
Founded in 2016, Ayoconnect allows companies to embed more than 4,000 financial products in a plug-and-play fashion through its network of APIs. More than 200 organisations have used its product, including banks, retailers, e-commerce, fintech, and e-wallets such as Bank Mandiri, DANA, Indomaret, and Bukalapak.
Ayoconnect processes more than 500 million API hits annually.
“We are building the AWS of open finance with a complete offering globally so that we can power the companies of today and the tech unicorns of tomorrow,” said Jakob Rost, CEO and Co-Founder at Ayoconnect.
Ayoconnect’s stack is divided into two main areas. On the embedded finance side, it helps companies of any size launch financial products using APIs such as phone top-up, utility payments, embedded insurance, and auto-billing. Banking-as-a-service APIs provide account opening, disbursement, credit, investment, savings, and other capabilities.
On the data side, Ayoconnect enables companies to make better decisions by pulling banking data, such as account validation, account balance, transactions, and liabilities. It also provides data on unbanked and underbanked people through bill payments, e-wallet, location, phone, e-commerce, payroll and other alternative data. New use-case APIs are added regularly.
In August 2020, Ayoconnect announced a US$5 million in pre-Series B round from BRI Ventures, Kakaku, and Brama One Ventures.
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Image Credit: Ayoconnect
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