The core team of Ayoconnect
Ayoconnect, an open finance platform in Indonesia, has raised US$13 million for its Series B+ financing round led by SIG Venture Capital.
The round also saw participation from CE Innovation Capital and existing investor fintech PayU, the payments and fintech business of Prosus.
The new funding will enable Ayoconnect to continue building the leadership team and invest in product and technology development.
The round will also facilitate the execution of Ayoconnect’s roadmap through organic and external growth, including new solutions around payments, data and banking, and new APIs planned for account opening and card issuing.
In January end, Ayoconnect announced closing a US$15 million Series B financing round led by Tiger Global. This round came after a US$10 million pre-Series B financing from Mandiri Capital and Patamar Capital.
Founded in 2016, Ayoconnect provides embedded finance and data solutions to help companies of all sizes launch banking and payment services within a few weeks.
Also Read: Open Finance platform Ayoconnect banks US$15M Series B to launch new products
Ayoconnect enables its business customers to launch new financial services “faster and cheaper” with its core infrastructure that is secure and regulated. Using Ayoconnect’s APIs means companies can bypass the lengthy and expensive process of building their own technology infrastructure from scratch without needing a BI license.
Its tech solutions are used by more than 200 clients, including Bank Mandiri, BRI, Dana, and Bukalapak.
With under 250 employees, the firm has also launched automated recurring direct debit with seven of Indonesia’s biggest banks (Mandiri, BRI, BNI, CIMB Niaga, Danamon, Bank Syariah Indonesia and Bank Neo Commerce). The direct debit API provides Indonesian businesses with recurring capabilities that can instantly debit from customers’ saving accounts across multiple banks.
Jakob Rost, CEO and Co-Founder at Ayoconnect, said: “The new funding will help us accelerate the delivery of our vision by shipping new solutions to our banking and API clients. The next 12 months will execute even faster and invest smartly in new solution rollouts.”
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