Bill payment service Ayoconnect said to raise $5m in its pre-Series B round

June 8, 2020

Indonesia-based Ayoconnect has reportedly bagged $5m in its pre-Series B round to continue its goal of increasing financial inclusion.

The round was supported by BRI Ventures, Kakaku.com, Brama one Ventures, Finch Capital and Amand Ventures, according to a report from Crowdfund Insider.

Ayoconnect is an open bill network that connects billers, consumer platforms and aggregators. Its solution supports an API to access payment partners, bill payment reminders, insights and automated reconciliation.

The company claims to have processed more than 40 million payments via its 600 bill providers and 40 channel partners, since it was founded in 2016.

Ayoconnect co-founder and COO Chiragh Kirpalani said, â€œOnline bill payment is a clear winner from COVID-19 as consumer preferences have accelerated digitalization. Ayoconnect will remain focused on bill payment while aiming to build more value-added solutions together with our partners.

â€œOne such solution includes a Billing Reminder that helps our partners like Bank Mandiri Card Division and other financial institutions execute auto-debit for bill payment.â€

The company has raised a total of $10m in funding to date.

Fellow Indonesian FinTech platform PAYFAZZ recently collected $53m in its Series B round, which was led by B Capital Group and Insignia Venture Partners.