Indonesian Ayoconnect raises $15m to scale open finance API platform
The company will use the new funds to continue launching new products and increase its capacity so it can absorb accelerating demand.
Indonesian fintech Ayoconnect raised $15 million in Series B funding round to scale its open finance API platform. The fundraiser was led by Tiger Global and was joined by PayU and Alto Partners and other individual strategic investors including one of the Plaid co-founders and the President Commissioner of Bank Jago.
Ayoconnect, which has more than 4,000 embedded finance products and 500 million annual API hits, boasts over 200 customers including some of the largest financial institutions, tech unicorns, and traditional companies in Indonesia.
17 times more revenue in the last 18 months
The firm has experienced exponential growth in the last 18 months, growing revenues 17x in that period, and to fuel the next stage of growth, the fintech sought funding from strategic investors.
“After six years of building new rails for Indonesian finance, today Ayoconnect is the most robust and in-demand open finance platform in the country. We are building the AWS of open finance with the most complete offering globally so that we can power the companies of today and the tech unicorns of tomorrow. We are proud to receive the backing of some of the world’s most renowned investors,” said Jakob Rost, CEO and co-founder at Ayoconnect.
“At PayU, we have always believed in partnering with promising entrepreneurs who share our vision of a world without financial borders. Ayoconnect has built new rails for Indonesian finance as well as a one stop shop API for economic actors within it. The talent within the team, relations with the banking and technology sectors and phenomenal growth were all important indicators for us that Ayoconnect has what it takes to execute at the highest level. We are delighted to join in Ayoconnect’s journey as it evolves its offerings to serve more businesses, helps the next generation of startups to grow, and brings a higher degree of inclusion to the entire region,” said Fady Abdel Nour, Global Head of M&A and investments, at PayU.
The company will use the new funds to continue launching new products and increase its capacity so it can absorb accelerating demand.
In the first half of 2022, Ayoconnect will launch Indonesia’s first-ever direct debit service. This API will transform financial services for Indonesian consumers and their suppliers by automating recurring payments directly from customers’ bank accounts. Plans are underway to offer clients cards-as-a-service, and Ayoconnect is set to begin its regional expansion.
