Ayoconnect, an Indonesia-based open finance platform, has raised $13m in an extension of its Series B funding round.
According to a report from Technode Global, the round was led by SIG Venture Capital with participation from CE Innovation Capital.
Ayoconnect said in a statement that its existing investor fintech PayU, the payments and Fintech business of Prosus, has also increased its stake.
This is a follow-on round to its oversubscribed Series B fundraises led by Tiger Global and closed in January 2022.
The new funding has increased its total fundraise this year to $28m.
Ayoconnect’s stack is divided into two main areas. On the embedded finance side, Ayoconnect helps companies of any size launch financial products using APIs such as phone top-up, utilities payments, embedded insurance, and auto-billing. Banking-as-a-service APIs provide account opening, disbursement, credit, investment, savings, and other capabilities.
On the data side, Ayoconnect said it enables companies to make better decisions by pulling banking data, such as account validation, account balance, transactions, and liabilities. Ayoconnect also provides data on unbanked and underbanked people through bill payments, e-wallet, location, phone, ecommerce, payroll and other alternative data. New use-case APIs are added regularly.
According to Ayoconnect, the new funding will enable it to continue building out an exceptional leadership team and to invest in product and technology development.
The round will also facilitate the execution of Ayoconnect’s roadmap through both organic and external growth, which includes new solutions around payments, data and banking, and with new APIs planned for account opening and card issuing.
Jakob Rost, chief executive officer and co-founder at Ayoconnect, said, “We are delighted that previous and new investors have joined this B+ round…That level of trust is a result of Ayoconnect’s rapidly growing traction in the Indonesian market, where we have successfully closed high profile partnerships, launched important new products, and increased even further the range of banks we work with.”
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