Indonesian fintech startup Ayoconnect today announced that it has raised a US$5 million in Pre-Series B funding round from BRI Ventures, Kakaku, and Brama One Ventures.
Existing investors such as Finch Capital and Amand Ventures also participated in the funding round.
With this funding round, the company has raised over US$10 million to date, with its previous funding round announced in 2017.
In a press statement, Ayoconnect Co-Founder & CEO Jakob Rost said that the funding will be used to invest in tech and grow its network of partnerships.
The company also named Alex Jatra –a former executive at HARA, Dattabot, and Kejora Ventures– as its new CFO.
It has also been growing its team to up to 100 staffs in two offices in Indonesia and India.
Formerly known as Ayopop, Ayoconnect started out as a mobile bill payments app for end-customers.
As a B2B fintech company, it connects bill providers (such as utilities, telcos, and education institutes) with online and offline channel partners (such as minimarkets, postal service, and financial institutions), so that end-consumers can pay their bills more seamlessly within Ayoconnect’s network.
As of July 2020, Ayoconnect said that it has processed more than 40 million payments through its 600 bill providers and 40 channel partners. Its partners include DANA, LinkAja, PT POS Indonesia, Bank BRI, Bank Permata, Bukalapak, Lazada and Pegadaian.
The company claimed a 400 per cent growth in transaction volumes within six months from January to June this year.
Ayoconnect was founded in November 2015 by Rost, who was the Managing Director of Lazada Indonesia, with Co-Founder and COO Chiragh Kirpalani, who had already had two exits for his previous companies.
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