Indonesia-based Ayoconnect has secured $10m in its pre-Series B round, as it looks to deepen the APIs it offers.
With this burst of equity, the FinTech company hopes to drive its growth, recruitment and product development efforts.
The company is particularly looking to build the API economy in Indonesia with a full stack of API solutions, which includes financial APIs, bill APIs, open finance APIs, and insights APIs.
First time Ayoconnect investors to join the round include Mandiri Capital Indonesia, the venture division of Bank Mandiri, and Patamar Capital, an impact venture capital firm aimed at businesses in South and Southeast Asia.
Several high-profile individual investors also committed capital to the pre-Series B. These included Indonesian technopreneur Ilham Akbar Habibie, ex-Goldman Sachs managing director Paul Bernard and iGlobe partners’ Jeff Lin.
Ayoconnect hope the expertise of its investors will help it to broaden its partnerships within the public and private sectors.
Ayoconnect co-founder and CEO Jakob Rost said, “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.
“Having gained the trust out of both is definitely a huge boost in our effort to build the infrastructure layer that enables interoperability for Indonesian companies, such as financial institutions, FinTechs and startups. Through APIs, Ayoconnect will continue to contribute to the government’s target to have 90% of financial inclusion by 2024.”
Ayoconnect has built a selection of APIs that enable applications and institutions to better communicate with each other. Its software aggregates financial data from several data points, helping boost financial access.
Co-founded in 2016 by Jakob Rost, Chiragh Kirpalani and Adi Vora to create APIs around bills and digital products. The company soon evolved into a full stack API provider that helps banks improve financial inclusivity.
It claims to have increased its annual revenue by ten-times in Q2 2021.
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