AyoConnect raises US$10 million in Pre-series B round

Indonesia-based B2B fintech startup AyoConnect has closed its latest Pre-series B funding round with US$10 million in fresh funds raised. The round was led by Mandiri Capital Indonesia, the investment arm of state-run lender Bank Mandiri, and Patamar Capital. 

Some individual backers also took part in the funding effort, including tech entrepreneur Ilham Akbar Habibie; former Goldman Sachs MD, Paul Bernard; and iGlobe Partners’ principal Jeff Lin.

Launched in 2016 by co-founders Jakob Rost, Chiragh Kirpalani, and Adi Vora, AyoConnect offers full stack APIs to lenders and financial institutions, e-wallet platforms, and e-commerce firms.

With the new capital injection, the startup will scale its business operations, hire more heads and invest in product development, particularly in the financial, billings, and open banking and insights APIs space. 

AyoConnect is already home to over 100 clients, including Bank BRI, Bank Mandiri, Dana, Indomaret, and Bukalapak. 

Its network of API acts as a platform of connection for over 1,000 different institutions. Ayoconnect defied the woes of the pandemic to record about 1,000% in annual revenue growth in Q2 2021, from over 50 million transactions.

“We are delighted to partner with Ayoconnect as we have the same solid ambitions and vision to grow the Open Banking sector,” said Mandiri Capital Indonesia CEO, Eddi Danusaputro.