Jofie Yordan · · 1 min readEx-Lazada director’s fintech firm raises $13m more for series B round
Indonesian fintech firm Ayoconnect has secured US$13 million in a series B+ round led by SIG Venture Capital, with participation from CE Innovation Capital and existing investor PayU.
The additional funds increase Ayoconnect’s total capital raised this year to US$28 million. In January, the firm raised US$15 million in a series B round led by Tiger Global.
(From left) Ayoconnect COO Chiragh Kirpalani, CEO Jakob Rost, CTO Adi Vora, and CFO Alex Jatra / Photo credit: Ayoconnect
Ayoconnect said it will use the fresh money to continue building its leadership team and to invest in product development, including new solutions around payments, data and banking, and new APIs.
“The next 12 months will be about executing even faster and investing smartly in new solution rollouts,” said Jakob Rost, Ayoconnect co-founder and CEO, in a statement received by Tech in Asia.
Rost, who previously worked as a managing director for Lazada, founded Ayoconnect in 2016 along with Chiragh Kirpalani and Adi Vora. The Jakarta-based company combines financial data from sources and enables its partners to offer more inclusive financial services to their users. It serves more than 100 clients, including Bank Rakyat Indonesia, Bukalapak, and Dana.
The firm has banked a total of US$43 million in investments to date.
See also: Series SEA: Who’s investing in the region’s fintech startups?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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