Ayoconnect Announces Pre-Series B Funding Worth 143 Billion Rupiah

Platform developer startups fintech API, Ayoconnect, today (01/9) announced that it has closed its pre-series B funding round of $10 million or equivalent to 143 billion Rupiah. This news at the same time confirms information we previously got, related to the fundraising that was being carried out by Ayoconnect at the beginning of last August.

A number of investors joined this round, including Mandiri Capital Indonesia, Patamar Capital, and angel investors including Ilham Akbar Habibie, Paul Bernard, Jeff Lin, and several others. Besides that, join too previous investors including BRI Ventures, AC Ventures, Kakaku, and Finch Capital.

The fresh funds will be focused on increasing company growth, recruitment, and product development. With this new investment, in total the company raised $15 million in funding. Then, according to the sources we got, the estimated valuation of the company has reached around $34 million.

" Ayoconnect is now one of the few companies in Indonesia that has received investment from the two largest banks in Indonesia, namely Bank Mandiri and Bank BRI. Their presence as investors is a big support in our efforts to build an infrastructure layer that allows interoperability between various Indonesian companies providing financial services , such as financial institutions, fintech, and startups," said Ayoconnect Co-Founder & CEO Jakob Rost.

Ayoconnect was founded in 2016 by Jacob with his two colleagues Chiragh Kirpalani (Co-Founder and COO) and Adi Vora (Co-Founder and CTO) with a focus on building API-based solutions for bill payments and other digital products. Now the company provides API services for various needs, which they refer to as Full Stack APIs (including: Financial APIs, Bill APIs, Open Finance APIs, and Insights APIs).

Currently, Ayoconnect claims to have more than 100 API clients, while connecting more than 1000 companies through its API network.

New era fintech through open finance

Services fintech API form is starting to develop today, forming an ecosystem open finance for a more accessible financial system. Besides Ayoconnect, there are several other players in Indonesia that offer similar solutions with a unique focus, starting from Brick, Safe, Finantier, and others.

This model allows application developers to insert various financial technology capabilities more efficiently, instead of developing their own which would be time-consuming and expensive, not to mention having to ensure compliance with regulatory standards.

This business potential is increasingly interesting to observe, especially since Bank Indonesia has inaugurated Open API national standard  some time ago. According to BI Governor Perry Warjiyo, the existence of the Payment Open API standardization can create a healthy, competitive and innovative payment system industry, so that it can provide payment system services to the public that are efficient, safe, and reliable.

With an API solution, para fintech These services can reach various groups, ranging from digital companies, even to banking. Autobilling API service from Ayoconnect for example, has been used by Bank Mandiri to boost their credit card performance. Allows customers to make payments for various billing transactions automatically in more than 200 merchant of 8 product categories.

Ayoconnect's vision to democratize open finance in Indonesia has established us to take a role in this investment. Our trust in Ayoconnect is also formed from their long experience in building APIs, their ability to collaborate with various leading companies, as well as their continuous efforts to enter the business segment. open banking," said Mandiri Capital Indonesia CEO Eddi Danusaputro.