Tiger Global sponsored a US $15 million Series B fundraising round for Ayoconnect, an Indonesian online open financial platform.
Along with Plaid co-founder William Hockey and Bank Jago President Commissioner Jerry Ng, PayU, Prosus’ payments and fintech firm, and Alto Partners joined.
The cash will be used to introduce new goods and expand the company’s capacity. Ayoconnect will introduce a direct debit service, an API service that automates recurring payments straight from clients’ bank accounts, in the first quarter of 2022. It also intends to provide customers with cards-as-a-service.
Ayoconnect is also getting ready to expand regionally.
The fresh investment follows a pre-Series B fundraising round of US $10 million from Mandiri Capital and Patamar Capital.
“We are building the AWS of open finance with a complete offering globally so that we can power the companies of today and the tech unicorns of tomorrow,” said Jakob Rost, CEO and Co-Founder at Ayoconnect.
Through its network of APIs, Ayoconnect, which was founded in 2016, allows businesses to plug and play more than 4,000 financial products. Banks, merchants, e-commerce, fintech, and e-wallets such as Bank Mandiri, DANA, Indomaret, and Bukalapak have all utilised the company’s product.
Ayoconnect handles over 500 million API requests every year.
The Ayoconnect stack is split into two parts. It allows firms of any size to create financial solutions utilising APIs such as phone top-up, utility payments, embedded insurance, and auto-billing on the embedded finance side. Banking-as-a-service Account opening, disbursement, credit, investment, savings, and other functions are all available through APIs.
Ayoconnect pulls financial data, such as account validity, account balance, transactions, and liabilities, to help businesses make better decisions. Bill payments, e-wallets, location, phone, e-commerce, payroll, and other alternative data are being used to offer information on unbanked and underbanked persons. APIs for new use cases are added on a regular basis.
Ayoconnect raised $5 million in a pre-Series B investment from BRI Ventures, Kakaku, and Brama One Ventures in August 2020.
