Indonesian FinTech Ayoconnect Gets $15M in Series B Funding

Open finance platform Ayoconnect has closed a $15 million Series B funding round and plans to use the money to launch new products and increase its capacity, IBS Intelligence reported Monday (Jan. 31).

Ayoconnect has more than 200 application programming interface (API) customers and 4,000 embedded finance products, the report stated.

“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,” said Ayoconnect CEO and Co-Founder Jakob Rost said, per the report. “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.”

Ayoconnect’s embedded finance platform helps companies launch financial products using APIs, according to the report. Its Banking-as-a-Service APIs include account opening, disbursement, credit, investment, savings and other capabilities.

Its data offering pulls banking data, such as account validation, account balance, transactions and liabilities and provides data on those who are unbanked and underbanked through bill payments, eWallet, location, phone, eCommerce, payroll and other alternative data, with new use-case APIs added regularly, the report stated.

Ayoconnect plans to launch direct debit service in the first half of this year and is planning to offer clients Cards-as-a-Service and could soon expand regionally, according to the report.

Tiger Global led Ayoconnect’s fundraising efforts, with participation from PayU and Alto Partners, along with strategic investors, including Plaid Co-Founder William Hockey and Bank Jago President Commissioner Jerry Ng, the report stated.

Last week, PT Bank Negara Indonesia Tbk (BNI) announced it will acquire about 64% of digital banking platform PT Bank Mayora. BNI will acquire 1.03 billion new Bank Mayora shares and 169 million shares of the digital bank that had been owned by World Bank affiliate International Finance Corporation.

Read more: Bank Negara Indonesia Acquires Digital Banking Platform Bank Mayora