Tiger Global leads $15m round of ex-Lazada exec’s fintech firm

Update (January 31, 5:00 p.m. SGT): Adds details about Ayoconnect’s additional investors and use of new funding, among others.

Ayoconnect, an Indonesia-based financial API platform, has raised US$15 million in a series B funding round led by Tiger Global.

(From left) Ayoconnect’s CFO Alex Jatra, CEO Jakob Rost and COO Chiragh Kirpalani in Ayoconnect’s office in Jakarta / Image credit: Ayoconnect

Investors including PayU, the payments and fintech business of Prosus, Alto Partners also took part, along with Plaid co-founder William Hockey and Jerry Ng, president-commissioner of Bank Jago.

The new round boosts the company’s valuation to around US$80 million, according to VentureCap Insights.

Founded in 2016, Ayoconnect aggregates financial data from several sources and enables its partners to offer more inclusive financial services to users. It serves more than 100 clients, including Bank Rakyat Indonesia, Dana, Bukalapak, and Pegadaian.

The company was founded by former Lazada managing director Jakob Rost, along with Chiragh Kirpalani and Adi Vora, who previously held executive roles at Times Internet and OAB Studios, respectively.

“We are building the AWS of open finance with the most complete offering globally so that we can power the companies of today and the tech unicorns of tomorrow,” Rost said in a statement.

Ayoconnect will use the fresh funds to launch new products, including a direct debit service, in the first half of 2022 and a cards-as-a-service offering as well.

See also: Series SEA: Who’s investing in the region’s fintech startups?

Last year, Ayoconnect raised US$10 million in pre-series B funding from Mandiri Capital Indonesia and Patamar Capital, among others.