Mandiri, Patamar back Indonesian fintech startup’s $10m round

Ayoconnect, an Indonesia-based financial application programming interface (API) platform, has bagged US$10 million in pre-series B funding round that included Mandiri Capital Indonesia and Patamar Capital.

Team Ayoconnect/ Photo credit: Ayoconnect

Other strategic investors, including Ayoconnect’s strategic advisor Ilham Akbar Habibie, iGlobe Partners member Jeff Lin, and ex-Goldman Sachs managing director Paul Bernard, also participated in the round.

Ayoconnect will use the fresh funds to focus on recruitment and product development with a view to building the API economy in Indonesia with full-stack solutions such as financial APIs and open finance APIs.

APIs are software intermediaries that allow two applications or institutions to talk to each other. Ayoconnect aggregates financial data from several data points and allows its partners to offer more inclusive financial services to users.

“Through APIs, Ayoconnect will continue to contribute to the government’s target to have 90% of financial inclusion by 2024,” said Jakob Rost, co-founder and CEO of Ayoconnect.

Established in 2016, Ayoconnect serves over 100 clients, which include Bank Rakyat Indonesia, Bank Mandiri, Dana, Indomaret, Bukalapak, Home Credit, and Pegadaian.

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The fintech startup’s revenue grew 10x in the quarter ended June 2021 from a year earlier. To support its continued growth, it is already engaging in discussions for a series B fundraise, the company said in a statement.