SIG leads Series B extension for SE Asia payments start-up

It comes eight months after the company secured USD 15m for the first tranche of the Series B. That round was led by Tiger Global Management and featured PayU, Alto Partners, and the likes of William Hockey, co-founder of Plaid, and Jerry Ng, president commissioner of Bank Jago.

Prior to that round, Ayoconnect had received about USD 10m in funding, including a pre-Series B of USD 5m in 2020 from BRI Ventures, Tokyo Exchange, Kakaku, Brama One Ventures, Finch Capital, and Amand Ventures.

Founded in 2016, Ayoconnect claims to be Southeast Asia’s largest open finance API [application programming interface] platform. Its full-stack offering, which encompasses payments, data, and banking, plugs into existing consumer-facing platforms so that customers can select the functions they require and do not need to build their own infrastructure.

The company works with over 200 banks, retailers, e-commerce platforms, and financial technology specialists, including Bank Mandiri, BRI, Dana, Indomaret, and Bukalapak. It has created more than 4,000 embedded finance products.

Ayoconnect has a category one payment service provider license from Bank of Indonesia, and it recently launched a recurring direct debit API in conjunction with seven domestic lenders, giving it direct access to customers’ bank accounts. Additional APIs are planned for account opening and card issuance.

“The new funding will help us to accelerate delivery of our vision by shipping new solutions to our banking and API clients. The next 12 months will be about executing even faster and investing smartly in new solution rollouts,” said Jakob Rost, founder and CEO of Ayoconnect, in a statement.

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• Topics
• Southeast Asia
• Financials
• Technology
• Early-stage
• Indonesia
• Fintech
• Financial Services
• SIG
• Prosus Ventures