• New investors in Ayoconnect include Mandiri Capital Indonesia - the corporate venture arm of Bank Mandiri, Patamar Capital - Southeast Asia’s leading impact venture capital, as well as several high profile individuals
• As Indonesia’s leading financial API platform, Ayoconnect is leading the charge to democratize open finance for Indonesia. Through its APIs, Ayoconnect’s partners can cater better, more inclusive financial services for millions of Indonesians
• In less than 24 months, Ayoconnect’s APIs are widely used by a set of diversified clients including leading banks, retailers, e-commerce firms, fintechs and e-wallets to better serve their users. These include Bank BRI, Bank Mandiri, Permata Bank, DANA, Gopay, LinkAja, Shopee, Bukalapak, Lazada, Blibli and Akulaku
• Fresh funding helps Ayoconnect to drive growth, recruitment and product development - particularly around building Indonesia’s API ecosystem
• Despite the pandemic, Ayoconnect recorded 10 times annual revenue growth in Q2 2021, surpassing 50+ million transactions. The company has also announced partnerships with several leading Indonesian banks to fast track their efforts towards Open Finance

Ayoconnect, Indonesia’s leading financial API platform has successfully closed its US$10 million Pre-Series B funding round from strategic investors. Pre-Series B funding allows Ayoconnect to continue to focus on growth, recruitment and product development - particularly in building the API economy in Indonesia with full stack API solutions (Financial APIs, Bill APIs, Open Finance APIs, and Insights APIs).

New investors in Ayoconnect include Mandiri Capital Indonesia - the corporate venture arm of the country's largest financial institution - Bank Mandiri, Patamar Capital - Southeast Asia’s leading impact venture capital that invests in companies serving the “mass market” in South and Southeast Asia. Several high profile individual strategic investors also participated in Ayoconnect’s pre-Series B raise including Mr. Ilham Akbar Habibie (an Indonesian technopreneur & Ayoconnect’s strategic advisor), Paul Bernard (ex-Managing Director at Goldman Sachs), Jeff Lin (iGlobe Partners) as well as additional high-profile individuals from leading financial institutions. Ayoconnect will continue to benefit from a wealth of expertise and experience from its investors, enabling it to broaden partnerships in the public and private sectors within the financial industry.

APIs (Application Programming Interface) are software intermediaries which allow two applications or institutions to talk to each other. In this case, Ayoconnect aggregates financial data from several data points, allowing its close partners to cater better, more inclusive financial services for millions of Indonesians. This is crucial in driving access to financial products in Indonesia, the world’s fourth-largest country by the population where a large segment of its population remains underserved.

“We are delighted to have the support of our new and existing investors. Uniquely, Ayoconnect is one among very few companies in Indonesia that received investment from Indonesia's two largest banks -- Bank Mandiri and Bank BRI. Having gained the trust out of both is definitely a huge boost in our effort to build the infrastructure layer that enables interoperability for Indonesian companies, such as financial institutions, fintechs and startups. 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 & CEO of Ayoconnect.

Ayoconnect was co-founded by Jakob, along with Chiragh Kirpalani (Co-founder & COO) and Adi Vora (Co-founder & CTO) to build APIs around bills and digital products. Within a short time, the company has swiftly evolved into a full stack API provider - to build Financial Data APIs and Open Finance capabilities. Through this, Ayoconnect now serves as the go-to financial solution for banking and financial institutions, e-wallets and e-commerce businesses to drive their growth with ready-to-use solutions for their embedded finance. It allows them to better serve their customers in a swift and efficient way. The company now has over 100+ clients, including Bank BRI, Bank Mandiri, DANA, Indomaret, Bukalapak, Home Credit, Pegadaian and connects more than 1,000 institutions through its network of APIs.

Eddi Danusaputro, CEO of Mandiri Capital Indonesia sees this partnership opportunity as beneficial for both parties to grow the Open Finance and Open Banking sector in Indonesia: “We are delighted to partner with Ayoconnect as we have the same solid ambitions and vision to grow the Open Banking sector. The vision of Ayoconnect in democratizing Open Finance for Indonesia, has convinced us to go with the investment, seeing that Ayoconnect possesses the longest experience in building APIs, has established a remarkable client list, and are best positioned in their approach of entering the Open Banking business,” said Eddi.

Dondi Hananto, Partner at Patamar Capital is excited to work together with Ayoconnect to build Indonesia’s API ecosystem: “Ayoconnect is at the forefront of transforming Indonesia’s financial infrastructure, embedding financial services and therefore democratizing access for the underbanked and unbanked population. We are excited to partner with Ayoconnect’s team and look forward to driving this innovation and accelerating financial inclusion in Indonesia,” explained Dondi.

Established in 2016, Ayoconnect has established itself as an API powerhouse in Indonesia. Despite the pandemic, the company managed to accelerate digitalization across multiple verticals, including the Indonesian finance industry. Ayoconnect recorded 10 times annual revenue growth in Q2 2021. To support its continued growth, the company is already seeing strong interest from investors for its planned Series B fundraise and has started engaging in early discussions.

About Ayoconnect

Ayoconnect is Indonesia's largest API platform. It enables developers to choose from a wide range of financial white-label products on Ayoconnect’s API platform and quickly launch them to their users. Ayoconnect remains in the background, focused on building and operating the necessary infrastructure while allowing their clients to monetize and expand their business in a fast and massive way.

Founded in 2016, Ayoconnect’s API stack has seen rapid adoption. It is trusted by more than 100+ Indonesian companies as clients, including leading banks, retailers, e-commerce, fintechs, and e-wallets such as Bank BRI, Bank Mandiri, DANA, Indomaret, Bukalapak, Home Credit, Pegadaian and connects more than 1,000 institutions through its network of APIs. Ayoconnect’s APIs process more than 300 million API hits annually.

Ayoconnect has raised a total of US$15 million from leading local and international institutional investors. Ayoconnect's investors include Mandiri Capital Indonesia, Bank Mandiri’s corporate venture capital unit; BRI Ventures, Bank BRI's corporate venture capital unit;  Indonesia’s AC Ventures, headed by Chairman of the Indonesian Fintech Association Pandu Sjahrir; Patamar Capital, Southeast Asia’s leading impact venture capital; Kakaku, a public company listed on the Tokyo Exchange (TYO); and Finch Capital among others. Ayoconnect continues expanding its ecosystem to accelerate financial inclusion and adoption of embedded finance throughout Indonesia.

About Mandiri Capital Indonesia

Mandiri Capital Indonesia (MCI) invests in people – the tenacious, bold, and extraordinary founders with breakthrough ideas that reinvent how the industry operates in the long run. Operating under Indonesia’s largest financial institution: Bank Mandiri, MCI focuses on financial technology (fintech) and micro, small and medium enterprise (MSME) enabler companies because it’s where it sees having the most impact. 

MCI’s purpose is to help scale meaningful fintech and MSME enabler companies by synergising with Bank Mandiri’s extensive financial expertise, coupled with access to a vast network of merchants and customers.

MCI aims to connect people through real conversation, resulting in new ideas and applicable solutions needed to keep growing and getting better. MCI strategically provides solid support across its entire portfolio and gives them competitive edge, including capital investment, know-how, expertise, network, market reach and inclusive incubator program.

About Patamar Capital

Patamar Capital is Southeast Asia’s leading impact venture capital focused on the mass market segment, with more than $100 million of assets under management. Patamar has invested in over 30 portfolio companies who have collectively improved 5 million lives through an increase in income, savings or access to life-enhancing products and services.

South and Southeast Asia account for one-third of the world’s population, yet receive only 7% of global venture capital investment. The population growth in these regions is 2x that of advanced economies, the regions are more densely populated, and younger. Patamar Capital’s portfolio companies will capture the mass market consumers and the emerging middle class in South and Southeast Asia.

Patamar Capital invests in tech-enabled companies and platforms, serving (1) “Mass Market” consumers 1.6 billion low and middle-income consumers in developing Asia and (2) Small and medium enterprises (”SMEs”) that make up the majority of current economic activity and future growth in emerging Asian markets.