Indonesian B2B fintech developer AyoConnect raises USD 10 million to advance open finance
Summary
Several individual investors, including well-known technopreneur Ilham Akbar Habibie; former managing director of Goldman Sachs, Paul Bernard; and iGlobe Partners’ principal Jeff Lin also participated in this financing round. Founded in 2016 by CEO Jakob Rost, COO Chiragh Kirpalani, and CTO Adi Vora, AyoConnect provides a full stack of application programming interfaces, or APIs, for banking and financial institutions, mobile wallet platforms, and e-commerce companies. Despite the pandemic, Ayoconnect recorded 1,000% annual revenue growth in Q2 2021, surpassing 50 million transactions, according to a statement by the company. AyoConnect also has partnerships with several leading Indonesian banks to boost their efforts towards developing open finance. “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, in a statement.