Jakarta-based open finance API platform Ayoconnect on Thursday closed a $13-million Series B extension round led by SIG Venture Capital.
The extension round, a follow-on from its oversubscribed Tiger Global-led $15 million Series B round earlier this year, was joined by CE Innovation Capital and existing investor PayU.
Ayoconnect has amassed $43 million to date since its seed round in 2017.
The company will use the latest proceeds for team expansion and product and tech development to power more solutions around payments, data, banking, and new APIs for account opening and card issuing.
“The new funding will help us to accelerate the delivery of our vision by shipping new solutions to our banking and API clients. The next 12 months will be about executing even faster and investing smartly in new solution rollouts,” Jakob Rost, Ayoconnect co-founder and CEO, said in a statement.
Founded in 2016, Ayoconnect’s open finance solution covers open banking APIs and payment services. API, or application programming interface, refers to the mechanism that enables two software components to communicate with each other. Retail customers may have been unknowingly using their service when paying for telco or utility bills, among others.
Ayoconnect has over 100+ clients including Bank BRI, Bank Mandiri, DANA, Indomaret, Bukalapak, Home Credit, and Pegadaian. It connects over 1,000 institutions through its network of APIs.
“They have been running high volume APIs for years and are incredibly well positioned to help customers launch compelling and profitable use cases quickly and securely. As a result of its expanding capabilities, Ayoconnect continues to experience strong and growing demand from banks and API clients,” said Akshay Bajaj of SIG Venture Capital.
Ayoconnect is the only licensed open finance platform in Indonesia that holds the central bank’s Payment Service Provider (PSP) Category 1 licence.