“Can a Bank Indonesia-licensed open-finance API platform become the default embedded-finance rails for Southeast Asia's banks, lenders, and fintechs?”
Founded 2016 as Indonesia's largest bill-payment (PPOB) aggregator, Ayoconnect pivoted into a full open-finance API platform after its 2021-2022 Tiger Global-led Series B. The company is licensed by Bank Indonesia, which lets it operate direct debit, account opening, and virtual card APIs natively rather than through a sponsor bank. Since 2024 it has narrowed focus toward profitability, doubling down on recurring payments, instant transfer, and white-label virtual cards for Indonesian banks and lenders.
Ayoconnect discloses Ayoconnect (in-house, licensed by Bank Indonesia) as its banking provider, according to the Embedded Finance Index 2026.
Ayoconnect does not disclose a bank charter of its own; its banking services are provided through Ayoconnect (in-house, licensed by Bank Indonesia).
Ayoconnect processes payments through Ayoconnect Instant Transfer (self-operated), Ayoconnect Disbursement API (self-operated), Ayoconnect Direct Debit (self-operated) and Ayoconnect Recurring Payment (self-operated).
Ayoconnect's cards are issued through Ayoconnect Virtual Cards (in-house).
Ayoconnect connects to bank accounts through Ayoconnect Open Finance API (self-operated).
The Embedded Finance Index 2026 maps 4 layers in Ayoconnect's stack: Payments / PSP (Ayoconnect Instant Transfer (self-operated), Ayoconnect Disbursement API (self-operated), Ayoconnect Direct Debit (self-operated) and Ayoconnect Recurring Payment (self-operated)); Banking / BaaS (Ayoconnect (in-house, licensed by Bank Indonesia)); Card issuing (Ayoconnect Virtual Cards (in-house)); Open banking (Ayoconnect Open Finance API (self-operated)).
Ayoconnect was founded by Jakob Rost, Chiragh Kirpalani and Adi Vora and is founded in 2016, headquartered in Jakarta, Indonesia.
Ayoconnect has raised $43M+ (through Series B extension, 2022; additional undisclosed round 2025) in total (latest round: Follow-on funding, Sep 2025).
Get a read on where your own stack stands against Ayoconnect and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.