Ayoconnect closes USD 5 mln Pre-Series B funding round

Friday 7 August 2020 08:30 CET | News

Ayoconnect, an Indonesian fintech company, has raised USD 5 million in Pre-Series B funding from strategic global investors to continue building Indonesia’s largest bill network. 

As a B2B fintech company, Ayoconnect connects Bill Providers (utilities, telcos, education institutes and other bill providers) with online and offline Channel Partners (including Indomaret, PT POS as well as financial institutions) so that end-consumers can pay their bills within Ayoconnect’s network. 

Its Pre-Series B investors include BRI Ventures, the corporate venture capital arm of Bank BRI; Tokyo Exchange (TYO) listed internet company, and Brama One Ventures. Existing investors including global fintech specialist Finch Capital and Amand Ventures also participated in the round. Other existing investors in Ayoconnect include Strive and AC Ventures. 

Ayoconnect, together with its partners, looks to drive financial inclusion in a cash-reliant Indonesia, where majority consumers do not have bank accounts. Ayoconnect offers a “One API” solution which allows Bill Providers to expand their payment points with minimum effort, while Channel Partners have immediate access to 2,500 bill products. 

Ayoconnect builds and runs hundreds of integrations to tackle the issues of low margins and high overhead costs for its channel partners, ensuring standardization, network development, and transaction success between both sides. Ayoconnect debuts with partners including DANA, LinkAja, PT POS Indonesia, Bank BRI, Bank Permata, Bukalapak, Lazada and Pegadaian. 

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Keywords: Ayoconnect, funding round, fintech, financial inclusion, payments , Indonesia
Categories: Banking & Fintech
Countries: Indonesia
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