Participated · Series B · Jan 2022

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).

Participated · Series A · Oct 2021

Founded in 2019, Qapita offers a cloud platform that automates cap table management, employee equity administration, and secondary share transactions for private companies across Southeast Asia, India, and the United States, while also servicing listed firms in India. The company reports about 2,700 corporate clients, with roughly 70% in India and 20% in Southeast Asia, and says it serves around half of India's unicorns. Approximately 1,400 of these companies pay for at least one Qapita service, while early-stage startups can access the platform for free. Leveraging customer feedback, Qapita expanded from simple cap table tools to comprehensive equity and stock-plan management features, and it now plans to introduce a fund-administration product across multiple markets. A newly announced partnership powers Schwab Private Issuer Equity Services, positioning Qapita to significantly deepen its footprint in the U.S. market. The startup employs about 300 people and has raised more than $80 million to date.

Participated · Series B · Apr 2021

Stashfin is a Singapore-based neobanking platform that issues credit line cards to under‑represented segments such as blue‑collar workers, people aged 23–38 earning under $500/month, and members of the armed forces; it currently serves customers in India. The company built a proprietary underwriting tech stack over about three and a half years that verifies applicants via two degrees of information and analyzes mobile, banking and other signals. Stashfin says its underwriting platform is profitable and scales with attractive unit economics. The startup has nearly 10 million registered customers and is issuing close to 100,000 new cards each month. It is on a trajectory to hit $100 million in annualized revenue and projects that figure would grow by over four times in the next 12–18 months. Stashfin plans to expand beyond India into Southeast Asia and other South Asian markets. StashFin operates a digital lending and neo-banking platform that issues physical and virtual cards and offers online personal loan applications. The platform supports ATM withdrawals, monthly installments, payback rewards, free annual fees and supplementary cards, and it has a Visa partnership. The company reported 200x growth in recent years and employs about 200 people. StashFin plans to use new funding to strengthen operations, expand product offerings, add more local languages, and build a presence across the South Asian market. Prior to the latest round the startup had raised $35 million in total funding. The company was founded in 2016 by Tushar Aggrawal and is based in Singapore. Stashfin, operated by Delhi-based EQX Internet Capital Advisors Pvt Ltd and launched in September 2016, is a machine learning-driven digital lending venture offering virtual credit facilities to consumers. The platform issues loans ranging from Rs 10,000 to Rs 200,000 with repayment tenures from two to 18 months and annual interest rates between 11.99% and 59.99%. At the time of the round the company was operational in four cities and employed around 60 people. The founding team includes co-founder Tushar Aggarwal and the company counts David Lin, former head of risk and analytics at Kabbage, as an adviser. Stashfin secured its pre-Series A funding while still in stealth mode and positions itself to address under-penetration of technology and credit in India’s financial services sector.

Participated · Seed · Feb 2021

GajiGesa provides earned wage access (EWA) to underbanked Indonesian workers and offers an employer app, GajiTim, for integrated employee management. Its flagship EWA product lets workers withdraw wages immediately to increase liquidity and reduce reliance on predatory lenders. GajiTim supports management of part-time, full-time and gig workers and the company touts it as Southeast Asia’s first and largest integrated employee management solution. GajiGesa works with more than 120 companies across sectors and says GajiTim has over 200,000 users; a company survey found over 80% of employees stopped using informal lenders and 40% are using other financial services on the platform. The team has doubled in size over six months to more than 50 employees. The startup raised $6.6M in a pre-Series A and previously closed a $2.5M seed round; it plans to use the latest funding for product development, expansion across Indonesia and entry into new Southeast Asian markets. GajiGesa offers Earned Wage Access (EWA) and other worker-focused financial services via an app that integrates with employers' HR and payroll systems. Through the app, workers can access earned wages immediately, track earnings, pay bills, buy prepaid cards and access financial education resources. The company does not charge interest or require collateral because users are pre-approved by their employers; employers can choose to charge fees or offer the service as a benefit and gain workforce analytics. Since launching in October 2020, GajiGesa has added more than 30 employers and serves tens of thousands of workers. Founders Vidit Agrawal and Martyna Malinowska bring fintech and operational experience from Uber, Stripe, Standard Chartered’s SC Ventures and LenddoEFL. The startup says demand for its EWA solution has been "insatiable" during COVID-19 and positions the platform to support employers and employees long-term; it recently completed a seed fundraising round.

Participated · Equity · Mar 2020

Chilibeli is a community-based social commerce platform that connects farmers and manufacturers to bring fresh, quality products to households. Launched in July 2019 by co-founders Alex Feng, Damon Yue, and Matt Li and based in Jakarta, the platform enables agents (mitra), many of whom are housewives, to sell into local communities. The model creates local value, promotes community bonding, and increases household income; since inception the company has created 300+ direct jobs and thousands of indirect jobs for Mitra Chilibeli in Indonesia. Chilibeli raised $10m in funding to support its growth. The company plans to use proceeds to strengthen community networks in Jakarta, Tangerang Selatan, and Depok, expand into Bogor and Bekasi, improve the app's UI/UX, and enhance its Depok warehouse facility. Its core product centers on agent-led distribution of fresh goods sourced from farmers and manufacturers through a social commerce app.