Ayoconnect Raises US$10 Million Pre-Series B Funding

Ayoconnect received US$10 million Pre-Series B funding from Mandiri Capital Indonesia and Patamar Capital.

Jakarta, TechnoBusiness ID ● Ayoconnect, Indonesia’s leading financial-focused API platform, today closed its US$10 million in Pre-Series B funding round.

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The new funding was obtained from a number of investors, including venture capitalist Mandiri Capital Indonesia and venture capitalist in South and Southeast Asia, namely Patamar Capital.

Several figures, including Ayoconnect’s strategic adviser Ilham A. Habibie, former Goldman Sachs partner Paul Bernard, iGlobe Partners principal Jeff Lin, participated in the funding round.

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This funding adds to the US$5 million Pre-Series B funding round obtained by Ayoconnect in August 2020 from BRI Ventures, Kakaku.com, Inc., and Brama One Ventures.

Other investors who participated in the funding round last year, based on company data, include Finch Capital, Amand Ventures, Strive, and AC Ventures.

API (Application Programming Interface) or application programming interface is an intermediary software that allows multiple applications or institutions to connect and talk to each other.

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As an API platform provider, Ayoconnect connects financial information from a number of data collection points so that partners can focus on serving consumers and providing inclusive services.

Ayoconnect Co-founder and CEO Jacob Rost said the presence of investors is a big support for the company in building an infrastructure layer that allows user interoperability.

“Through API, Ayoconnect will continue to contribute to the government’s efforts to meet the 90% financial inclusion target by 2024,” he said.

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Ayoconnect was founded by Jakob with Chiragh Kripalani (co-founder and COO) and Adi Vora (co-founder and CTO) in Jakarta in 2016 by positioning itself as the largest financial API provider.

Now, Ayoconnect has more than 100 API clients that include leading companies in Indonesia such as Bank BRI, Bank Mandiri, Dana, Indomaret, Bukalapak, Home Credit, and Pegadaian.

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In Q2/2021, Ayoconnect recorded an annual revenue growth of 10 times. After announcing Pre-Series B funding, Ayoconnect will welcome Series B funding in the next few months.

As a new investor, Patamar Capital is enthusiastic enough to support Ayoconnect in developing its business. “We are very excited about this partnership,” said Dondi Hananto, Partner of Patamar Capital.●

—Purjono Agus Suhendro, TechnoBusiness ID ● Photo: Ayoconnect