Indonesian fintech Ayoconnect raises $10m in latest funding round

Ayoconnect, Indonesia’s financial API platform, announced raising $10 million on its pre-Serie B funding round backed by Mandiri Capital Indonesia and Patamar Capital.

Mandiri Capital is the corporate venture arm of Bank Mandiri, Indonesia’s largest financial institution, while Patamar Capital is a venture capital firm that invests in companies serving the mass market in South and Southeast Asia.

Several high profile individual strategic investors also participated in Ayoconnect’s pre-Series B raise including Ilham Akbar Habibie (an Indonesian technopreneur and Ayoconnect’s strategic advisor), Paul Bernard (ex-Managing Director at Goldman Sachs), Jeff Lin (iGlobe Partners), as well as additional high-profile individuals from leading financial institutions.

The fresh funds will be used by Ayoconnect to continue to focus on growth, recruitment, and product development, particularly in building the API economy in Indonesia with full-stack API Solutions.

APIs (Application Programming Interface) are software intermediaries which allow two applications or institutions to talk to each other. In this case, Ayoconnect aggregates financial data from several data points, allowing its close partners to cater better, more inclusive financial services for millions of Indonesians.

“We are delighted to have the support of our new and existing investors. Uniquely, Ayoconnect is one among very few companies in Indonesia that received investment from Indonesia’s two largest banks — Bank Mandiri and Bank BRI,” said Ayoconnect co-founder and CEO Jakob Rost.

Through APIs, Ayoconnect will continue to contribute to the government’s target to have 90% of financial inclusion by 2024, Rost added.

Ayoconnect was co-founded by Jakob, along with Chiragh Kirpalani (co-founder and COO) and Adi Vora (co-founder and CTO) to build APIs around bills and digital products.

Within a short time, the company has swiftly evolved into a full-stack API provider – to build Financial Data APIs and Open Finance capabilities. Through this, Ayoconnect now serves as the go-to financial solution for banking and financial institutions, e-wallets, and e-commerce businesses to drive their growth with ready-to-use solutions for their embedded finance.

The company said it now has over 100+ clients, including Bank BRI, Bank Mandiri, DANA, Indomaret, Bukalapak, Home Credit, Pegadaian, and connects more than 1,000 institutions through its network of APIs.