Ayoconnect, founded in 2016 by Chiragh Kirpalani and Jakob Rost, offers a full Open Finance API stack and embedded payments infrastructure for businesses and developers in Indonesia and Southeast Asia. Its product set includes payments infrastructure, White‑Label Virtual Cards (launched with Mastercard in January 2023) and an Instant Transfer API. The company added more than 50 clients in 2023 and reported business growth of about 50% year‑over‑year. Ayoconnect said it implemented cost efficiencies in 2023, including a reduction of roughly 10% of staff in August as part of a push toward profitability. CEO Chiragh Kirpalani expressed optimism about a recovering digital economy in 2024 and continued expansion of financial‑services adoption. The company serves clients such as Bluebird, Bank Syariah Indonesia, Kredivo, JULO, KiriminAja, Bank DKI, Koperasi Syariah BMI, and MNC Group. Ayoconnect provides open banking and payment-services APIs that let businesses launch financial products faster without building their own infrastructure. The platform serves roughly 200 API customers and offers more than 4,000 embedded finance products across payments, data and banking. Ayoconnect is licensed by Bank Indonesia (Payment Service Provider Category 1) and is the only open finance player in Indonesia with central bank licensing, which enables it to offer additional services. The company has launched automated recurring direct debit integrations with seven major Indonesian banks and has partnerships with incumbents such as PT Kereta Api Indonesia and Bank Syariah Indonesia. Founded in 2016, the team is about 250 people and is focused on expanding financial inclusion for Indonesian consumers and SMEs. Future plans described by the company include leadership hiring and product and technology investment, including new APIs for account opening and card issuing. Ayoconnect is an Indonesian open finance platform offering an open API to enable embedded finance. The company reports more than 200 API customers and 4,000 embedded finance products. It plans to launch a direct debit service in Indonesia in the first half of 2022 to automate recurring bank-account payments and is developing cards-as-a-service for clients. Ayoconnect said it will use new funds to continue launching products and increase capacity to absorb accelerating demand. The company is preparing to begin regional expansion. CEO and co-founder Jakob Rost described the ambition as building "the AWS of open finance" and highlighted the backing of renowned investors. Ayoconnect, formerly known as Ayopop, operates a platform that lets bill issuers expand payment points and collect payments faster and cheaper. Bill categories on the platform include phone credits, electricity payments, game vouchers, and recently added recurring property and tuition payments. The company currently has 600 bill providers and 40 channel partners on board. Ayoconnect plans to invest the new capital into backend infrastructure and network expansion, and to increase staff at its Indonesian headquarters and its technology-focused office in India. CEO and co-founder Jakob Rost said the company aims to shape Indonesia’s billing ecosystem into a centralized network through partnerships with existing and new investors. To date, Ayoconnect has raised over USD 10 million; its last Series A occurred in 2017 (amount undisclosed).

Total raised

$33M

Funding rounds

4

Latest round

Series B

Latest activity

Oct 2022