Ayoconnect, an open finance platform in Indonesia, has raised US$13 million for its Sequence B+ financing spherical led by SIG Enterprise Capital.
The spherical additionally noticed participation from CE Innovation Capital and present investor fintech PayU, the funds and fintech enterprise of Prosus.
The brand new funding will allow Ayoconnect to proceed constructing the management group and spend money on product and know-how improvement.
The spherical can even facilitate the execution of Ayoconnect’s roadmap by natural and exterior progress, together with new options round funds, information and banking, and new APIs deliberate for account opening and card issuing.
In January finish, Ayoconnect introduced closing a US$15 million Sequence B financing spherical led by Tiger International. This spherical got here after a US$10 million pre-Sequence B financing from Mandiri Capital and Patamar Capital.
Based in 2016, Ayoconnect gives embedded finance and information options to assist corporations of all sizes launch banking and fee providers inside just a few weeks.
Additionally Learn: Open Finance platform Ayoconnect banks US$15M Sequence B to launch new merchandise
Ayoconnect permits its enterprise clients to launch new monetary providers “quicker and cheaper” with its core infrastructure that’s safe and controlled. Utilizing Ayoconnect’s APIs means corporations can bypass the prolonged and costly strategy of constructing their very own know-how infrastructure from scratch while not having a BI license.
Its tech options are utilized by greater than 200 purchasers, together with Financial institution Mandiri, BRI, Dana, and Bukalapak.
With underneath 250 staff, the agency has additionally launched automated recurring direct debit with seven of Indonesia’s greatest banks (Mandiri, BRI, BNI, CIMB Niaga, Danamon, Financial institution Syariah Indonesia and Financial institution Neo Commerce). The direct debit API gives Indonesian companies with recurring capabilities that may immediately debit from clients’ saving accounts throughout a number of banks.
Jakob Rost, CEO and Co-Founder at Ayoconnect, stated: “The brand new funding will assist us speed up the supply of our imaginative and prescient by transport new options to our banking and API purchasers. The following 12 months will execute even quicker and make investments neatly in new answer rollouts.”
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