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Indonesian Ayoconnect raised $13 M in Series B+ funding round

In a series B+ round headed by SIG Venture Capital and included CE Innovation Capital and current investor PayU, the Indonesian fintech company Ayoconnect has raised US $13 million.

The latest funds bring the total money raised by Ayoconnect this year to US $28 million. Tiger Global led the series B round in which the company raised $15 million in January.

Ayoconnect stated that it will utilize the additional funds to continue developing its leadership team and to make product development investments, such as new payment, data, and banking solutions as well as new APIs.

“The next 12 months will be about executing even faster and investing smartly in new solution rollouts,” said Jakob Rost, Ayoconnect co-founder and CEO, in a statement as per reports.

In 2016, Rost, Chiragh Kirpalani, and Adi Vora created Ayoconnect. Rost had previously served as managing director for Lazada. The Jakarta-based business aggregates financial data from many sources and empowers its partners to provide their consumers with more inclusive financial services. Over a hundred clients, including Bank Rakyat Indonesia, Bukalapak, and Dana, are served by it.

To this point, the company has collected investments totalling US $43 million.




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