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Ayoconnect raises $15M Series B to scale Indonesia’s largest open finance API platform

by jcp
Editorial & Advertiser disclosure
  • Tiger Global led the heavily oversubscribed round, joined by PayU and Alto Partners
  • Ayoconnect is Indonesia’s leading open finance platform with more than 4,000 embedded finance products and 500 million annual API hits
  • More than 200 customers use Ayoconnect’s APIs, serving some of the largest financial institutions, tech unicorns, and traditional companies as well new and up-and-coming startups
  • Ayoconnect has seen exponential growth in the last 18 months, growing revenues 17x in that period
  • Ayoconnect is the only open finance provider to officially collaborate with the country’s largest retail banks
  • In the next months, Ayoconnect will launch direct debit in Indonesia, a service previously unavailable in the country, as well as a cards-as-a-service proposition

JAKARTA, Indonesia (31 January, 2022) Ayoconnect, Southeast Asia’s largest open finance platform, has closed a $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 co-founder William Hockey and Jerry Ng, President Commissioner of Bank Jago. Ayoconnect will use the funds to satisfy increasing customer demand for more products and use cases. Ayoconnect is already the largest open finance platform in Indonesia, with more than 200 API customers and 4,000 embedded finance products.

Southeast Asia is experiencing transformational economic growth, but financial infrastructure remains a significant challenge. A complex geography and a lack of traditional supply chains are limiting progress toward building an inclusive financial system. As a result, a large number of people remain unbanked or underbanked. A new wave of innovation coming from the private and public sectors is helping to promote more inclusivity, but bringing financial products to market in this region remains expensive. Companies looking to offer financial services and products are faced with either needing to acquire existing, licensed companies or going through the long and expensive process of building their own technology from scratch.

With its full-stack open finance ecosystem, Ayoconnect is looking to provide infrastructure for Southeast Asian companies in a seamless way. Instead of building or buying technology, Ayoconnect allows companies to embed more than 4,000 financial products in plug-and-play fashion through its network of APIs. Ayoconnect is already used by more than 200 companies, including Indonesia’s leading financial institutions and tech companies. The platform benefits from official working relations with Indonesia’s leading banks and regulators and is the only open finance platform globally to offer fintech- and banking-as-a-service as well as data-as-a-service APIs for both banked and unbanked.

“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.

Ayoconnect’s stack is divided into two main areas. On the embedded finance side, Ayoconnect helps companies of any size launch financial products using APIs such as phone top-up, utilities 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. Ayoconnect also provides data on unbanked and underbanked people through bill payments, e-wallet, location, phone, ecommerce, payroll and other alternative data. New use-case APIs are added regularly.

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.

“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.

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