Indonesia-based Ayoconnect, an open API platform for embedded finance and data solutions that makes it easy for developers and product managers to scale their businesses, raised USD 15 million on 31st January 2022.
Investors: The investment round was led by Tiger Global. Payments and fintech company PayU, a Prosus business, joined the round with Alto Partners. Several private strategic investors, including William Hockey, co-founder at Plaid and Bank Jago, President Commissioner at Jerry Ng.
Purpose of funding: The startup plans to increase its capacity to meet the increasing demand by using the funding and to continue launching new products. A direct debit service will be launched as well. Furthermore, the startup plans to offer its clients cards-as-a-service and begin its regional expansion.
About Ayoconnect
Founded in 2016 by Adi Vora, Chiragh Kirpalani, and Jakob Rost, Ayoconnect is located in Jakarta, Indonesia. Ayoconnect is an open API (Application programming interface) platform for embedded finance and data solutions that make it easy for developers and product managers to scale their businesses. The startup provides a seamless digital infrastructure for small and large companies. Instead of purchasing technology, it provides technology as a service. Over 4,000 financial products can be plugged into the startup’s API network in a plug-and-play fashion. It provides an easy way for businesses to grow.
What the founder has to say
“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.
What the investor has to say
“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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