Indonesian Open API Platform Ayoconnect Raises US$15 Million Series Bby Fintech News Indonesia January 31, 2022
Indonesian open finance platform Ayoconnect announced that it has closed a US$15 million series B financing round led by Tiger Global.
The round was joined by PayU, the payments and fintech business of Prosus, and Alto Partners, as well as individual strategic investors, including Plaid’s co-founder William Hockey and Jerry Ng, President Commissioner of Bank Jago.
Ayoconnect said that it will use the 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 a direct debit service in Indonesia which will automate recurring payments directly from customers’ bank accounts.
The company added that plans are underway to offer clients cards-as-a-service, and Ayoconnect is also set to begin its regional expansion.
Ayoconnect has more than 200 API customers and 4,000 embedded finance products.
“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.