Ayoconnect concludes external audit, aims for profit in H1 2026

Chiragh Kirpalani, co-founder and CEO of Ayoconnect / Photo credit: Ayoconnect

A six-month-long external audit on Indonesia-based fintech firm Ayoconnect initiated by a company shareholder has concluded as of December 2025. Five recommendations were made to enhance governance at the firm.

In a statement, Ayoconnect co-founder and CEO Chiragh Kirpalani said that the firm welcomes the recommendations. “Our commitment has always been to transparency, supporting performance, prioritizing employee well-being, and providing value to our clients.”

Kirpalani declined to disclose further details on what these recommendations were, but told Tech in Asia that they are “mainly related to governance measures that can help Ayoconnect operate more like a mature company rather than a startup.”

Ayoconnect has begun implementing these as of Q4 2025 and expects to fully execute them by this quarter.

Last September, state-owned venture capital firm Mandiri Capital Indonesia (MCI) initiated an audit on the firm as it considered joining Ayoconnect’s US$2 million bridge round. As that was a down round, the due diligence process was conducted in accordance with MCI’s internal policies.

Ayoconnect denied claims at the time that the audit was being done due to alleged suspicious transactions worth US$5 million at the company. Kirpalani said the alleged dubious transactions were a “misunderstanding” and would be clarified once the audit was completed.

2025, a challenging year

Ayoconnect says its business grew in 2025 despite a “challenging” year that involved “headcount adjustments.”

In 2025, Ayoconnect recorded a 62% reduction in net loss and a 21% increase in gross profit. This improvement was driven by new large clients, including insurance companies, multifinance firms, and regional banks, the firm said.

New funds raised in 2025 have also strengthened the company’s balance sheet and will accelerate other “key milestones.”

According to the firm, its local entity, Ayopop Teknologi Indonesia, has been profitable at the net profit level for more than six months. The company also aims to achieve consolidated positive EBITDA in the first half of 2026.

Ayoconnect has raised nearly US$50 million in disclosed funding to date.

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