fbpx

AsiaTechDaily – Asia's Leading Tech and Startup Media Platform

  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
  • Governments
  • Startup Program
  • Events
  • Lists
Menu
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
  • Governments
  • Startup Program
  • Events
  • Lists
Submit Article
Financial Technology2 Feb 2022 11:20

Indonesia’s Ayoconnect nets $15m in Tiger Global-led round

by Team AsiaTechDaily
Bookmark (0)

Please login to bookmark

No account yet? Register

Indonesian online open finance platform Ayoconnect announced raising $15 million in its Series B funding round anchored by global investor Tiger Global.

Plaid co-founder William Hockey and Bank Jago President Commissioner Jerry Ng, PayU, Prosus’ payments and fintech firm, and Alto Partners also participated in the funding round.

Ayoconnect said it will use the fresh capital to introduce new goods and expand the company’s capacity. It will also introduce a direct debit service, an API service that automates recurring payments straight from clients’ bank accounts, in the first quarter of 2022.

Ayoconnect is also getting ready to expand regionally and intends to provide customers with cards-as-a-service. Ayoconnect handles over 500 million API requests per year.

The fresh round follows a pre-Series B fundraising round of $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 used the company’s product.

The Ayoconnect stack is split into two parts. It allows firms of any size create financial solutions utilizing APIs such as phone top-up, utility payments, embedded insurance, and auto-billing on the embedded finance side. Account opening, disbursement, credit, investment, savings, and other services are available through banking-as-a-service APIs.

Ayoconnect pulls banking data, such as account validation, 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 also 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.

Tags:

Similar Articles

Startup Policy4 Dec 2023 7:13

Navigating Singapore’s Startup Ecosystem: Top 5 Funding Initiatives Unveiled

More
Sabrina Peng, Chief Sustainability Officer of Ant Group, speaking about Alipay Ant Forest at COP28 in Dubai, UAE
Featured1 Dec 2023 4:28

Leveraging digital platform to amplify green participation by the public: An Ant Group case study presented at COP28

More
(Habitto Co-founder and CEO Samantha Ghiotti, Source: Cherubic Ventures)
Interviews29 Nov 2023 2:12

How Habitto managed to break into the Japanese Fintech scene in record time without knowing a word of Japanese

More

Weekly popular posts

Venture Capital30 Nov 2022
Australian startup FrankieOne gets another $15.5m for fraud detection
more
FinTech30 Nov 2022
Funding Societies hits THB1bn mark in loan disbursements to Thai SMEs
more
FinTech29 Nov 2021
Grab leads latest funding round in Indonesia’s Bareksa
more
Events5 Dec 2019
ComeUp 2019 Comes To An End After A Successful 3-Day Event
more
Events4 Dec 2019
UNDP’s Global Innovation Initiative for Sustainable Agriculture
more

Topics

Menu
  • AI & Big Data
  • AR & VR
  • Blockchain
  • Clean Technology
  • Content & Games
  • Cybersecurity
  • Enterprise & SaaS
  • Gadgets & Electronics
  • Health & Bio

Program

Menu
  • Ecosystem
  • EdTech
  • Featured
  • FinTech
  • Investments
  • IoT
  • Marketplaces & E-commerce
  • Robotics
  • Transportation & Logistics

About

Menu
  • Home
  • Advertisement
  • Contact Us
  • Privacy Policy

Subscribe and be informed first hand about the actual economic news.

All the day’s headlines and highlights, direct to you every morning.

© 2023 asiatechdaily. All rights reserved.

We hope you enjoy our content, May you please give us Feedback regarding our website!

Single Post Feedback